Businesses To Display Single Pricing With New Policy

single pricing

Dewan Rakyat has passed the amendments to the Price Control and Anti-Profiteering Act, allowing for the single pricing policy to come into force after the law is gazetted.

The single pricing policy requires businesses to display one price that includes the Good and Services Tax (GST), credit card charges and any other charges for all items or services sold.

For consumers, the price they see is what they pay. Consumers will not have to pay more than the price displayed, quoted or advertised.

The policy would benefit consumers and help them make more informed decisions without worrying about additional costs, said Domestic Trade, Consumerism and Cooperatives Minister Datuk Seri Hamzah Zainuddin.

“What you see is what you get. For example, if an item costs RM106 including taxes, that price must be displayed and no other charges can be added on after that,” Hamzah was quoted by The Star Online.

These charges include credit card charges, which must also be stated clearly before payment is made.

“If someone ends up being charged more than what is stated, they can lodge a complaint with us,” he added.

There should be no problem for businesses to offer discounts after fixing the price as the discounted price would be lower than the one displayed.

Businesses or traders who fail to adhere to the new provisions may face fines of between RM50,000 and RM200,000 and jail terms of two to five years.

The amendments aim to resolve the issue of consumers paying more than the amounts displayed, said Hamzah.

It will also promote greater transparency in display, advertisement, publication or quotation of prices or charges, and help the Government gather, analyse and monitor prices of goods and charges in the market.


Main image from Kinibiz

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.
newsletter image