Knowledge Highlights 27 November 2018
On 6 June 2018 the Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) Regulations 2018 (“2018 Regulations”) came into force. The 2018 Regulations effectively repealed the former Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit for Goods) Regulations 2016 (“2016 Regulations”).
Most notably, the 2018 Regulations now apply to any goods sold or offered for sale and any services supplied or offered for supply. Previously, the 2016 Regulations only applied to two classes of goods, i.e. food and beverages and household goods. The mechanism to determine an unreasonably high profit is computed based on the mark-up percentage or margin percentage of the goods sold or services provided.
Non-compliance with the 2018 Regulations is an offence under the Price Control and Anti-Profiteering Act 2011.
This article discusses these developments. To read the article, please click here.