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A group of entrepreneurs engaged in carbonated drink production are staging a protest outside the Armenian government headquarters against the planned amendments to the Tax Code.

According to the proposed changes, excise taxes will be imposed on soft drinks in Armenia, due to which their prices are expected to grow by five per cent per litre.

The protesters claim the price hike will eventually lead to shutdown of their companies, harming both their employees and consumers.

Hay Cola Director Tigran Hovsepyan stresses the company is facing a closure threat, adding the new measure seems to be aimed at preventing the companies from performing their duties – selling their products, paying taxes or salaries of their employees.

“I am still puzzled why this is being done,” he said, stressing the tax hike will lead to the monopolization of the market.

The protesting crowd in chanting ‘No to monopolization”, holding posters that read, “Government, don’t kill small and medium-sided businesses”, “Finance Ministry: A sabotage center”, “The government is killing Hay Cola” and others.