Business compliance to the Price Control Act and its regulations, the Display of Price Regulations and the Sales Regulations, has improved for the third year in a row with a 98.8 per cent compliance rate in 2020, the Department of Economic Planning and Statistics (DEPS) said in a press statement yesterday.
The DEPS through the Department of Competition and Consumer Affairs (DCCA) recorded 47 compoundable offences in 2020 compared to 114 and 244 in 2019 and 2018.
The continuous improvement of self-compliance among businesses is a development that reflects the department’s enhancements to its enforcement and advocacy efforts. It also suggests greater effort on the part of businesses to have effective measures in place to ensure compliance, which improves the level of consumer welfare in the country.
Businesses are reminded that self-compliance with the Price Control Act and its regulations establishes good business reputation and enhances consumer loyalty, which in turn can lead to building more sustainable domestic consumption, supporting a vibrant business climate in the country.
Failure to comply with the Act and its regulations will be met with a compound up to BND1,000, with repeat offenders facing a maximum fine of BND20,000 and imprisonment of up to five years.