By virtue of an amendment submitted for voting in the Greek Parliament on 1 July 2024, the Ministry of Development announced the extension of the measures for combatting the phenomena of unfair profiteering (article 54 of Law 5045/2023, Official Gazette A' 136/29.07.2023) until 31st December 2024.
Among other things, the provisions proposed for voting by said amendment include:
1. The extension of the effective period regarding the profit margin cap until 31st December 2024. As maximum cap is defined the gross profit margin that each company gained from the sale of each basic product before 31st December 2021 (fiscal year 2021).
2. A significant increase in the maximum fine imposed for breaching the provisions of the profit margin cap, which is increased fivefold from EUR 1,000,000 to EUR 5,000,000.
3. A respective significant increase in the maximum fine imposed for breaching the provisions on the prohibition of commercial promotions when there has been a previous price increase in products; such maximum fine is tripled and now ranges from EUR 2,000,000 to EUR 6,000,000.
4. Extension of the "household basket" measures until 31st December 2024.
5. Extension of the obligation imposed to the supermarkets to announce price increases to the Ministry of Development until 31st December 2024.
6. Extension of the effective period of the measures for the rationalisation of prices (maximum cap) in infant milk which will be valid until 31st December 2024.