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Wednesday, November 29, 2023

Cabinet: Light green for ceiling on product sales prices – What are the criteria

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& nbsp; traders on the list of basic products.

Read the statements of the Minister of Commerce:

The possibility for the Minister of Energy, Trade and Industry to determine, by decree, a maximum gross profit margin for traders instead of only maximum prices for the sale of products, is given by a bill approved today by the Council of Ministers. Sale in Special Cases Laws of 2012 and 2018.

The proposal submitted to the House by the competent Minister Ms. Natasa Pileidou, expands the scope of powers of the Minister, in order to prevent the unfair profit of anyone involved in the wholesale and/or retail sale of products specified in the Law, The world economy and supply chains for certain products or raw materials are disrupted, as is the case today with the Russian invasion of Ukraine and the continuing negative impact of the COVID-19 coronavirus pandemic.

The list of products covered by the Law includes bread, milk, water, Cypriot coffee, barley and corn and the gross profit margin is defined as the profitability index, “which is expressed as a percentage of gross profit in the sales of a trader during an accounting period “.

According to an amendment to Article 4 of the Basic Law that will be called to vote by the members of the House of Representatives, the “Minister may issue a decree setting, for a period of up to forty five (45) days, maximum selling prices or maximum margin gross profit for all or some of the products listed in the Annex, when the prices at which these products are sold in the Republic are at a much higher level than is justified by international and domestic conditions, as well as and when particularly difficult economic conditions prevail in the market which require the restraint of price increases on basic consumer products,

as well as for the protection of consumers, especially when the profit margin of traders is too high. “

It is provided that in setting maximum sales prices or maximum gross profit international and domestic markets, in particular:

(a) Import prices of products, if not produced in the Republic; production of products to be produced in the Republic,

(c) production costs of products if produced in the Republic,

(d) traders 'costs,

(e) traders' profit margins,

(f) consumer protection “.

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Source: politis.com.cy

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