UAE tightened rules for retail
UAE government on behalf of the Ministry of Economy UAE has increased control over pricing in retail. These measures relate to the rising cost of living in the UAE, the authorities want to control the level of prices in the market.
The retailers need to obtain the approval of the Ministry of Economy. For getting this approval the company must submit an application and attach a company’s financial statements for the last 3 years, as well they need to provide justification of the price increase and improve the planned dates. In addition, the company needs to specify the change of product prices over the past 3 years and to provide with information of other products from the same group with similar prices.
The authorities have already developed the penalties for breach of the procedure of pricing. The company, which breaks the procedure, will be required to pay a fine up to AED 100,000.
Walton Consultants DMCC