GST price education
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Tuesday, 22 June, 1999 - 22:00
EDUCATION will help stamp out price exploitation when the GST comes in, says Australian Competition and Con-sumer Commission chairman Allan Fels.
The ACCC has been given the job of ensuring the full benefits of tax cuts from the GST are passed on to consumers.
It has listened to industry views on its draft guidelines on GST pricing and outlined its plans for further development.
Professor Fels said the commission’s primary focus would be promotion of compliance and good business practice in relation to the GST.
“The ACCC will work with industry to ensure the principles established in the guidelines are clearly understandable, realistic and attainable,” Professor Fels said.
But this does not mean businesses will be left to self-police prices.
“The ACCC will act-ively and rigorously apply the provisions of legislation now before the Senate and monitor price changes to determine if price exploitation is occurring,” Professor Fels said.
The ACCC has been given the job of ensuring the full benefits of tax cuts from the GST are passed on to consumers.
It has listened to industry views on its draft guidelines on GST pricing and outlined its plans for further development.
Professor Fels said the commission’s primary focus would be promotion of compliance and good business practice in relation to the GST.
“The ACCC will work with industry to ensure the principles established in the guidelines are clearly understandable, realistic and attainable,” Professor Fels said.
But this does not mean businesses will be left to self-police prices.
“The ACCC will act-ively and rigorously apply the provisions of legislation now before the Senate and monitor price changes to determine if price exploitation is occurring,” Professor Fels said.