Businesses adjusting to new discount policy rules 

Businesses are busy adjusting to new discount-policy rules introduced by the Development Ministry last month but not taking effect until the new year after key retail market players requested additional time to prepare. 

The new rules, based on an EU directive already adopted as national law, are essentially designed to compel companies to abandon misleading or unfair practices when promoting price reductions. 

These rules were initially brought forth by the Development Ministry on September 3, but it ended up granting market players an extension of a few months when businesses, primarily supermarkets and their suppliers, called for more preparation time over various complexities. 

Roughly 30 to 35 percent of products marketed by supermarkets are sold at discount prices, meaning the new measure will apply to sales exceeding 4 billion euros on an annual basis. 

The new discount rules will also apply to annual summer and winter sales, as well as Black Friday and Cyber Monday offerings. 

Under the new framework, businesses, according to an extensive list of revisions, will be required to use the lowest price from the preceding 30 days as the reference or base price for discounted products. The discount rate will need to be calculated based on this reference price. 

However, the reference price rule, officials noted, will not necessarily apply for perishable goods.

Additionally, businesses may determine their own duration for reduced prices, but if this period exceeds 60 days, it will be deemed prolonged and may be reviewed as a potential unfair commercial practice.