Price Control and Anti-Profiteering Act 2011 · Updated to 1 Nov 2018 · Part VII · Price Advisory Council
53. Regulations relating to the Council
Official textFrom Laws of Malaysia Online, unchanged
The Minister may make such regulations as he thinks necessary or expedient in respect of this Part.
Minister
“Minister” means the Minister charged with the responsibility for domestic trade and consumer affairs;
Price Control and Anti-Profiteering 33
price
“price” means any amount of money or any form of consideration given in exchange for any goods;
Duty to keep records 53a. (1) Any person who supplies or offers to supply any goods or services shall keep and maintain proper records relating to the business operation including the following records:
goods
“goods” means property of every kind, whether tangible or intangible, whether moveable or immoveable, but excludes money and choses-in-action;
sales records including receipts and sales books;
purchases records including invoices from suppliers;
expenses records including payment records, invoices and particulars of acquisitions;
documents relating to the determination of pricing for the goods or services;
records of remunerations, allowances or wages; and
tax records and any related documents, if any.
The records under subsection (1) shall be—
preserved for a period of seven years from the latest date to which the record relates;
available at all times for examination by the Assistant
Controller; and
kept up to date and in good order and condition.
Any person who fails to comply with subsection (1) or (2)
commits an offence.
Terms defined in s 2
Assistant Controller
Defined · s 2“Assistant Controller” means an Assistant Price Controller appointed under section 3; Price Control and Anti-Profiteering 9
goods
Defined · s 2“goods” means property of every kind, whether tangible or intangible, whether moveable or immoveable, but excludes money and choses-in-action;
Minister
Defined · s 2“Minister” means the Minister charged with the responsibility for domestic trade and consumer affairs;
price
Defined · s 2“price” means any amount of money or any form of consideration given in exchange for any goods;
Part VIII