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Tuesday, February 7, 2023
HomeOpinion"End of an era" for intermediate discounts - What is provided for...

“End of an era” for intermediate discounts – What is provided for in the YPANE bill

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“They have not delivered substantial benefits to traders and consumers,” the explanatory memorandum says.

“End of an era” for interim discounts, as they are repealed by a bill of the Ministry of Development and Investments submitted to the Parliament. However, it is allowed to offer items whose quantity exceeds 50% of the total items available in each store. “They have not delivered substantial benefits to traders and consumers,” the explanatory memorandum says.

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According to article 6 of the bill “intermediate discount periods are abolished and it is allowed to offer items whose quantity exceeds 50% of the total items available in each store”.

The following are defined as discount periods, during which the sale of goods or the provision of services at reduced prices is allowed:

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a) Winter sales, from the second Monday of January until the end of February and
b) Summer sales, from the second Monday of July until the end of August.

The offers of a certain quantity of products or a certain category of products are carried out throughout the year. When making offers, the original and the new reduced price of the products, with reference to the appropriate unit of measurement per product, should be clearly indicated at the points where the offered products are sold.

Each price reduction notice indicates the previous price applied by the trader for a specified period of time before the price reduction was applied. Previous price means the lowest price applied by the merchant during a period of time no shorter than 30 days before the price reduction was applied. When the product has been on the market for less than 30 days, the previous price is the lowest price applied by the trader during a period of 10 days before the price reduction was applied. Where the price reduction is progressively increased, the prior price is the price without the price reduction prior to the first application of the price reduction.

This does not apply to fresh and perishable agricultural products and food which, by their nature or at the stage of processing, may become unfit for sale within 30 days of harvest, production or processing.

As stated in the explanatory statement: “The intermediate discount periods, according to the calculations of the commercial movement and the estimates of the commercial world, have not yielded substantial benefits to traders and consumers. Accordingly, the restrictive ban on the offer of items whose quantity exceeds fifty percent (50%) of the total items available in each store during sales, lacks economic logic, constitutes an obstacle to competition and unreasonably reduces the social prosperity”.

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