In Romania, another Government Emergency Ordinance got published and concerns certain limitations regarding the highest prices of different products that are sold in this country.
According to this new act, i.e., GEO 67/2023, that was recently published in the Official Gazette, the Government has instituted several measures aimed at combating the excessive increase in prices for agricultural and food products.
Romania takes measures to limit the prices of agricultural and food products for three months.
Public
Romania
Author: Kristina Dosen
Category:
Fiscal subject related
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829
Content accuracy validation date:
07.08.2023
Content accuracy validation time:
09:31h
The new GEO aims to limit the price increase of some agricultural and food products by capping the commercial markups applied by processors, distributors, and retailers. This legal act applies to 12 basic products, such as plain white bread, cow's milk, cow's cheese, plain yogurt, wheat flour, cornmeal, chicken eggs, sunflower oil, fresh chicken meat, fresh pork, fresh vegetables, and fresh fruits.
The measures require all economic operators registered in Romania, regardless of the form of organization, throughout the chain of production, import, intra-community trade, distribution, and retail as well, to comply with the mark-up limits and to present evidence of the value of the mark-ups applied to the products sold. The evidence consists of self-responsibility declarations signed by the legal representatives of the economic operators or by other persons authorized for this purpose.
The obligation that was set by this regulation is valid for 3 months, starting on July 30th, 2023, and for the next 3 months from that date. These rules were issued by the Government as an emergency ordinance, which means that they have immediate effect without being approved by Parliament. The commercial markup applied by the processor is a maximum of 20% compared to the production cost of the product, calculated according to the accounting regulations in force in Romania.
This novelty was motivated by the need to combat the excessive increase in prices for agricultural and food products, which affects consumers and the economy. The said legal act also provides penalties for non-compliance, ranging from 100,000 to 2,000,000 lei. The penalties are higher than those provided by Government Ordinance No. 2/2001 regarding the legal regime of contraventions.
Additionally, the Articles of this Act also state that commercial contracts in progress whose terms and conditions are contrary to the provisions of this emergency ordinance will be modified accordingly within 30 days from the date of entry into force of this normative act.
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