The Price Control Act (Amendment) Order, 2021 which is effective from the 23rd of November 2021 aimed to further strengthen the legal framework of the Price Control Act, Chapter 142 in the country. The enforcement of the Price Control Act has been approved by His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam.

DEPS in its media release stated the objective of the Control Act amendment is to update and strengthen the relevant provisions in an effort to improved and further streamline the enforcement measures implemented by DEPS, to remain relevant to the current economic context as well as Brunei Darussalam's economic goals in the long run. The amendment is also accompanied by amendments to additional laws, namely 'Price Control - Maximum Prices and Charges Amendment Order, 2021' AND 'Price Control Minimum Price and Charges, Repeal Order, Two Thousand and Twenty One 'which will take effect on the date it is gazetted.

In an effort to safeguard the interests as the public's well-being, key amendments include providing provisions to enable DEPS to carry out price monitoring and enforcement of specific goods in certain circumstances such as during the COVID-19 pandemic crisis or desperate circumstances for appropriate periods. In this regard, DEPS reminded traders that failure to cooperate such as not providing the required information or records transparently or preventing officers from entering or inspecting business premises, is an offense and punishable if convicted under the Act. The amendments also include the continuous updating of the list of maximum price -controlled goods under the Price Control Act, including goods subsidized by the Government.

Source:
RTB NEWS

by RTB News

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