YEREVAN. – Parliamentary hearings have kicked off Tuesday at the Sessions’ Hall of National Assembly of Armenia.

The package of bills on making amendments and addenda to the Tax Code and related laws is on the agenda.

Numerous debates have already taken place regarding this draft law, and, also, many protests against the expected changes.

The amendments to Tax Code envision a transition to a balanced version of income tax, setting a single 23% interest rate.

Businesses with an annual turnover of up to 124 million drams (approx. US$257,585), however, shall be exempt from paying taxes.