Meeting with YB Minister of KPDNKK on the Extension and New Anti-Profiteering Mechanism
Contact Report Agenda : Meeting with YB Minister of Domestic Trade, Co-operatives and Consumerism (KPDNKK) on the Extension and New Anti-Profiteering Mechanism under the Price Control and Anti-Profiteering Act (PCAPA) 2011 Date : 1st November 2016 Venue : Board Meeting Room , Menara Kembar Bank Rakyat Brief: On 24 June 2016, the Price Control and Anti Profiteering (Mechanism to Determine Unreasonably High Profit) (Net Profit Margin) Amendments Regulations 2016 (“PCAP Amendment Regulations 2016”) was passed by the Minister of Domestic Trade, Cooperation and Consumerism (“MDTCC”). The PCAP Amendment Regulations 2016 seeks to introduce an amendment to the existing Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) (Net Profit Margin) Regulations 2014 (“PCAP Regulations 2014”). As it stands, the PCAP Regulations 2014 provides that the period for the determination of unreasonably high profits is from 2 January 2015 up to 31 March 2015 as well as from 1 April 2015 up to 30 June 2016. During these periods, in the application of a prescribed formula, there must be no increment in the net profit margin of any goods or services sold in Malaysia. The PCAP Amendment Regulations 2016 amends the PCAP Regulations 2014 by extending the period for determining unreasonably high profit margin formula beyond 30 June 2016. This means that the existing prescribed formula set out in the PCAP Regulations 2014 is maintained in force and will continue to be in force up to 31 December 2016.