By George Lampiris
The amendment for the “Reduction of the phenomena of unfair profitability in times of crisis” was submitted by the Ministry of Development and Investment, something that had been announced by the competent minister, Adonis Georgiadis.
The amendment provides, inter alia, that from the moment it is published in the Official Gazette until June 30, 2022, it is prohibited to make a gross profit from the sale of any product or the provision of any service necessary for health, nutrition, Consumer living, mobility and safety when the gross profit margin per unit exceeds the corresponding gross profit margin per unit before 1 September 2021.
The relevant provisions concerning the reduction of unfair profitability and come to put a ceiling on the profit of companies that distribute essential products, come as an addition to the bill of the Ministry of Infrastructure and Transport entitled “Standard Proposals for infrastructure projects and other provisions of the Ministry of Infrastructure and Transport “.
The move comes as an attempt to address the emerging markets caused by the Russian invasion of Ukraine combined with the negative effects of the pandemic, events that have already led to serious price increases for basic necessities.
Who is responsible for controlling for phenomena of unfair profitability
The responsibility for auditing complaints concerning profiteering or related audits lies with:
– The General Secretariat for Trade and Consumer Protection of the Ministry of Development
– The Inter-Service Market Control Unit
The competent regional control services
Fines up to 1,000,000 euros
As the amendment provides, specific sanctions will be imposed on violators that will start from simple recommendations and will end in fines from 5,000 to 1,000,000 euros.
In addition, fines of up to 50,000 euros are provided if someone after an audit conceals or falsifies but also does not provide information requested by the competent auditing authorities.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
