site.btaMRF-New Beginning Proposes Legislation on Maximum Price Markups

The Movement for Rights and Freedoms – New Beginning plans to submit to the National Assembly a bill on maximum price markups. The aim of the proposed legislation is to tighten control over the prices and markups of essential products until the end of 2026, in connection with the ongoing transition to the euro as the official currency in Bulgaria, and to protect end-consumers from profiteering attempts and unfair commercial practices, the party said in a press release on Wednesday.

The bill foresees the adoption by the Council of Ministers of a consumer basket, which includes basic food products and goods such as flour, bread, milk, sugar, rice and others, and the introduction of a 20% ceiling on markups for these products between the producer or importer and the end-consumers.

The bill notes that similar models are applied in most other European countries, including Germany, France, Greece and Spain.

Enforcement against violators will be carried out by the Commission for Protection of Competition, the National Revenue Agency and the Consumer Protection Commission, with fines for offenders proposed to range from EUR 5,000 to EUR 20,000.

The draft law is primarily aimed at supporting and protecting socially vulnerable groups – pensioners, families with children and low-income households, for whom food expenses exceed 50% of monthly income.

On Tuesday, the head of Bulgaria’s newly established Coordination Centre for the Euro, Vladimir Ivanov, said that violations were found at around 7% of all outlets inspected in connection with the introduction of the single currency. National Revenue Agency Executive Director Hristo Markov said: “The percentage of penalties imposed during inspections related to the introduction of the euro in Bulgaria gives us reason to assume that things are developing well, meaning there are no widespread violations.”