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Wednesday 24 Dec 2014 - 14:30 Makkah mean time-2-3-1436 Kuala Lumpur (IINA) – Malaysian Minister of Domestic Trade, Cooperatives and Consumerism Hasan Malik announced that the penalty fee for violating the price controls law will be increased to an amount of 1 million to 2 million Malaysian Ringgit (RM), starting from next year.
He added that the increased penalty, already approved by the government and by both the Houses of Representatives and Senate, will soon be published in the Official Gazette, BERNAMA reported.
He pointed out that the current punishment, ranging between 100,000 and 200,000 RM, has been ineffective as a deterrent against graft and the wide-spread of cheating on prices across the country.
In the same context, the minister noted that his ministry is working with the Office of the Public Prosecutor to finalize a proposal for the establishment of a court concerned with the issues of new taxes on goods and services.
AB/IINA
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