Parliament Passes Amendments to Competition Protection Act
Bulgaria's Parliament passed at second reading amendments to the Competition Protection Act regarding the large retail chains, reports Dnevnik.bg.
The amendments will regulate the business relations between the large retail chains and the suppliers and will impose a number of restrictions on the chains.
They also introduce the term “stronger negotiating position”. The abuse of such position, according to the new rules, will bring a fine of up to 10% of the retail chain turnover, generated by the product or service in question. The amendments will force the retailers to offer to their suppliers uniform contracts, subject to approval by the Competition Protection Commission (CPC).
The amendments have been harshly criticized in a World Bank report, ordered by the Government, the retailers and EuroCommerce. According to them, the new rules will lead to higher food prices and damages to the local suppliers.
According to the MPs who tabled the amendments, however, they will better protect the interests of the local suppliers and producers.
- » Spain is Richer than Italy, According to Data from the IMF
- » Over 11% Growth in International Tourism Revenues During the Winter in Bulgaria
- » Bulgarian National Bank Puts into Circulation a Silver Commemorative Coin "The Old Elm in Sliven"
- » Bulgaria Expects up to 10% more Tourists in the Summer
- » Staro Stefanovo - a Bulgarian Renaissance Fairy Tale near Lovech
- » Airlines Fear Wave of Compensation Claims After EU Court Ruling