Section 1
(2)
This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.
Amendment of section 2
/akn/my/act/amendment_act/2014/A1464
PRICE CONTROL AND ANTI-PROFITEERING (AMENDMENT) ACT 2014
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- Type
- Amendment Act
- Status
- In force
- Enacted
- 2014
- Sections
- 10
- Languages
- MS · EN
Quick answer
About this amendment act
PRICE CONTROL AND ANTI-PROFITEERING (AMENDMENT) ACT 2014 is Malaysia Amendment Act, cited as Amendment Act A1464 2014, currently marked in force and first recorded in 2014.
Opening note
Preamble
- An Act to amend the Price Control and Anti-Profiteering Act 2011. [ ] ENACTED by the Parliament of Malaysia as follows: Short title and commencement
Section 2
The Price Control and Anti-Profiteering Act 2011 [Act 723], which is referred to as the “principal Act” in this Act, is amended in section 2, in the definition of “authorized officer” by inserting after the words “public officer” the words “or officer of a local authority”.
price control and anti-profiteering
(amendment) act 2014
Section 3
Amendment of section 3
Section 3 of the principal Act is amended by substituting for subsection (6) the following subsection:
“(6) The Minister may authorize any public officer or officer of a local authority to exercise all or any of the powers under this Act.”.
Section 4
New section 10a
The principal Act is amended by inserting after section 10
the following section:
“Prices or charges imposed not to include certain items 10a. (1) Any person who supplies or offers to supply any goods or services shall not include the items as specified in the Schedule as part of the price of the goods or charge for the services.
(2)
Any person who fails to comply with subsection (1)
commits an offence and shall, on conviction, be liable—
(a)
where such person is a body corporate, to a fine not exceeding five hundred thousand ringgit and, for a second or subsequent offence, to a fine not exceeding one million ringgit; or
(b)
where such person is not a body corporate, to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both and, for a second or subsequent offence, to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.”.
Price Control and Anti-Profiteering (Amendment)
5
Amendment of section 15
Section 5
Section 15 of the principal Act is amended—
(a)
by inserting after subsection (1) the following subsection:
“(1a) The mechanism to determine that profit is unreasonably high referred to in subsection (1) includes the Minister determining a certain period during which there shall be no increase in the net profit margin of any goods or services.”; and
(b)
in subsection (2), by inserting after paragraph (b) the following paragraph:
“(ba) any cost incurred in the course or furtherance of business;”.
New section 53a
Section 6
Part VIII of the principal Act is amended by inserting before section 54 the following section:
“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:
(c)
expenses records including payment records, invoices and particulars of acquisitions;
(d)
documents relating to the determination of pricing for the goods or services;
(2)
The records under subsection (1) shall be—
(a)
preserved for a period of seven years from the latest date to which the record relates;
(3)
Any person who fails to comply with subsection (1)
or (2) commits an offence.”.
New section 60a
Section 7
The principal Act is amended by inserting after section 60
the following section:
“Power to amend Schedule 60a. The Minister may, by order published in the Gazette, amend the Schedule.”.
Section 8
New Schedule
The principal Act is amended by inserting after section 63
the following Schedule:
“Schedule
[Subsection 10a(1)]
ITEMS NOT TO BE INCLUDED IN PRICES AND CHARGES
Quoted provision
Section 1
Any credit for input tax against output tax under section 38 of the Goods and Services Tax Act 2014 [Act 762].
Quoted provision
Section 2
Any special refund of sales tax under section 190 of the Goods and
Services Tax Act 2014.”.
KUALA LUMPUR
Common questions
- What is AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014?
- PRICE CONTROL AND ANTI-PROFITEERING (AMENDMENT) ACT 2014 is Malaysia Amendment Act, cited as Amendment Act A1464 2014, currently marked in force and first recorded in 2014.
- Is AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 still in force?
- Yes — AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 is currently in force.
- When did AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 take effect?
- AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 was first recorded in 2014.
- How many sections does AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 have?
- AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 contains 10 sections.
- Where can I read the official version of AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014?
- The official text of AKTA KAWALAN HARGA DAN ANTIPENCATUTAN (PINDAAN) 2014 is published at lom.agc.gov.my.