Skopje, 22 October 2024 (MIA) - Implementation of the Law on Unfair Trade Practices will be monitored until the New Year, followed by strict penalties for those who do not comply, Deputy Minister of Economy and Labor Marjan Risteski said on Tuesday.

According to him, all economic measures and this law are in the interest of citizens.

"Implementation of the Law on Unfair Trade Practices will be monitored until the New Year, followed by strict penalties for those who don't comply with the measures provided by this legal decision. All measures, including this law, are in the interest of the citizens and aimed at improving the standard of living," Risteski told a press conference at the Confederation of Free Trade Unions.

The Law on Unfair Trade Commercial Practices was adopted at the end of September. The law regulates about 2,500 products whose profit margins are capped at 10 percent, thus their prices are expected to be reduced by 10 percent. In addition to limiting fees, wholesalers will not be allowed to charge additional costs for marketing, representation, and for showcasing a particular product on the shelf.

The penalty for the most serious violation and disregard of this Law can amount up to EUR 20,000 for wholesalers, and EUR 350-500 for the person responsible. Penalties for minor offenses depend on whether the offense was committed by a legal or natural person. The penalty for a minor offense can reach up to EUR 5,000-6,000 for wholesalers, and EUR 350-500 for the person responsible in the legal entity which is a wholesaler.

The Commission for Protection of Competition regulates implementation of the law and initiates infringement procedures for violation of any mandatory provisions. ssh/ik/

MIA file photo