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12° Nicosia,
19 June, 2024
 

E-kalathi bill presented to Parliament

Ministry aims to launch platform by year end

The discussion on the e-kalathi bill commences today at the Commerce Committee of the House of Representatives. This bill introduces a digital tool designed to display product prices, aiming to support the Consumer Protection Agency's efforts in monitoring the market and better protect consumer interests.

A similar practice is already implemented in the Greek market. According to the bill, food businesses with an annual turnover exceeding €2 million are required to submit their product prices. However, businesses with a lower annual turnover can also voluntarily submit prices and participate in the platform. The bill stipulates that the platform will be updated at 8 a.m., and any price changes throughout the day will be automatically reflected.

The specific products to be included in the platform will be determined by an order from the Minister of Commerce. It is important to note that in case of violation, the Director of the Consumer Protection Service has the authority to promptly order the cessation of the violation, impose an administrative fine of up to €50,000, and an additional €1,000 in case of continued violation.

The debate is attended by the Minister of Energy, Trade, and Industry, George Papanastasiou. Various organizations and associations, such as the Cyprus Consumers Association, the Pancyprian Association of Consumers and Quality of Life, the Federation of Employers and Industrialists (OEB), the Cyprus Chamber of Commerce and Industry (CCCI), the Pancyprian Organization of Craftsmen, Professionals and Shopkeepers (POVEK), the Pancyprian Association of Hypermarkets, the Pancyprian Association of Retailers, the Cyprus Free Trade Association, the Pancyprian Association of Bakers, the Association of Consumer Goods Suppliers, as well as trade unions PEO, SEK, DEOK, and PASYDY, are actively participating in the debate.

[With information from Kathimerini.com.cy]

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Cyprus  |  business  |  consumer  |  economy

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