Price Control And Anti Profiteering Act 2011

The price control and anti profiteering act 2011 prescribes that any corporate body who commits an offence of profiteering shall on conviction be liable to a fine of up to rm500 000 and for a second or subsequent offence to a fine not exceeding rm1 000 000.

Price control and anti profiteering act 2011. Profiteering is defined as making an unreasonably high profit which is measured by a mechanism prescribed in the price control and anti profiteering regulations pcapr. The ministry s secretary general datuk muez abd aziz in a statement here today said face mask is an item under the price control list where the maximum ceiling price has been fixed on five types of face masks under the price control and anti profiteering act 2011. The purpose of the act is to enable the government to determine prices of goods or charges for services with the object of curbing excessive profiteering of essential goods and services by unscrupulous traders. Part i preliminary short title and commencement 1.

This regulations revokes the earlier price control and anti profiteering mechanism to determine unreasonably high profit for goods net. The government recently enacted the price control and anti profiteering act 2011 act which came into force on 1 april 2011. The government recently enacted the price control and anti profiteering act 2011 ct which came into force on 1 april 2011. The first pcapr came into effect on 1 january 2015 and was replaced by the pcapr 2016.

Selling price etc which are essentially not considered in the formulas to determine unreasonably high profit. Act 723 price control and anti profiteering act 2011 an act to control prices of goods and charges for services and to prohibit profiteering and to provide for matters connected therewith or incidental thereto. Starting from 1 st january 2017 the ministry of domestic trade and consumer affairs has enforced the price control and anti profiteering mechanism to determine unreasonably high profit for goods regulations 2016 to act upon the profiteering activity. Contrary to earlier indications by mdtcc that non compliance with the new regulations would not constitute an offence reading the new regulations with the price control and anti profiteering act 2011 pcap.

Price control and anti profiteering laws of malaysia act 723 price control and anti profiteering act 2011.