Anti Profiteering Act Malaysia

This regulations revokes the earlier price control and anti profiteering mechanism to determine unreasonably high profit for goods net.

Anti profiteering act malaysia. The price control and anti profiteering act 2018 makes it an offence to profiteer. Interpretation p art ii the malaysian anti corruption commission 4. Kuala lumpur 5 december 2017 in light of the ever growing concern over the rise in cost of living due to the rise in prices one of government s effort to manage consumer prices in malaysia is assessed in this new paper by ideas. 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.

Laws of malaysia 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. B 146 2011 enacted by the parliament of malaysia as follows. Control and anti profiteering act 2011 pcap unreasonably high profit would technically constitute an offence under the current provisions of the pcap for which the penalties on court conviction are as follows. This notice is important for investigation purposes of any offences under the act.

Is price control and anti profiteering act pcapa an effective policy. Principal objects of act 3. 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 notice under the price control and anti profiteering acts 2011 is the written notice that directs any people to produce information document or statements in various forms within the specified period given by the assistant controller.

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. This article was written by edwin lee yong cieh partner of glt law law firm in kuala lumpur malaysia 6016 928 6130 email protected. Establishment of the malaysian anti corruption commission 5. The success of the price control and anti profiteering act 2011 in achieving its objective is therefore very much dependent on its implementation.

The first pcapr came into effect on 1 january 2015 and was replaced by the pcapr 2016. Following the recent reduction of the goods and services tax gst rate in malaysia to 0 and announcements on the replacement of the current gst with a sales tax and service tax sst system the malaysian ministry of domestic trade co operatives and consumerism mdttc has published new price control and anti profiteering regulations effective as from 6 june 2018.