Akta Anti Pencatutan /Anti-Profiteering Act
Move to curb abuse of GST with Anti-Profiteering Bill
Thursday, December 24th, 2009 | The Star.
PUTRAJAYA: The Government will introduce a raft of measures to curb profiteering once the goods and services tax (GST) is implemented in mid-2011, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
The Anti-Profiteering Act 2010 which prohibits traders from indiscriminately increasing prices of goods will be enforced in April next year.
Domestic Trade, Cooperatives and Consumerism Minister Ismail Sabri Yaakob said the law would be enforced to protect consumers.
“When the act is enforced, traders can no longer raise prices of goods and to make huge profits as they like,” he told reporters after presenting school uniform and stationery to 1,400 primary and secondary school students in the Bera parliamentary constituency here today.
Ismail Sabri said that with the enforcement of the law, a Price Advisory Council, to be represented by traders, consumers and ministry officers, would be set up to monitor traders.
“If traders are to raise prices of goods without valid reason, the committee will lodge a report and action will be taken against the traders concerned,’ he added.