New Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit for Goods) Regulations 2016

Reference is made to circular CD/06/2016. The Ministry of Domestic Trade and Consumerism (MDTCC) has proposed new regulations to replace the current Price Control and Anti-Profiteering (Mechanism to Determine Unreasonable High Profit) (Goods and Services Tax) Regulations 2014.

The Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit for Goods) Regulations 2016 is introduced effective January 1, 2017. The regulation states the following:

• The regulation is confined to the food and beverages and non-durable household goods and personal care excluding cosmetics sector; 
• Business to maintain Mark-up in percentage (%MU) or percentage Margin (%MG) on the first day of a financial year (fy) or calendar year (cy); and 
• The profit is deemed unreasonable if the %MU or %MG during any period in the fy or cy exceeds the %MU or %MG fixed on the first day of the fy/cy.

To provide members’ with a better understanding of the new mechanism to curb price abuse and profiteering, FMM in collaboration with the Ministry of Domestic Trade Cooperatives and Consumerism (MDTCC) will be organising a Seminar on the New Price Control and Anti-Profiteering Mechanism in mid-January 2017. The Seminar will assist in ensuring your compliance to the Price Control and Anti Profiteering Regulations. Kindly register your interest in attending the seminar in the attached reply slip.

For enquiries, please contact Ms Maygelah Siva of the FMM Secretariat (Tel: 03-62867320 or Fax: 03-62741266/7288 or E-mail: [email protected]).