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.
- » KTB Directors: BNB Report Is 'A Lampoon'
- » Deposits In Bulgaria's Banks Up BGN 531 M In September
- » Bulgaria Is Second Favorite Destination Among Russians
- » Bulgaria Threatens to Terminate Contract for Struma Motorway Lot 4
- » 20 Bulgarian Companies to Build Infrastructure for Qatar's 2022 FIFA World Cup
- » Audit Finds BGN 4.2 B Impairment Costs on KTB Balance Sheet, Bulgaria C. Bank Says