single pricing

On August 2, the government has imposed the single pricing rule.
What is the single pricing rule?
How will it affect and benefit the rakyat?
Let us take a look.

What is single pricing?
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As consumers, the rakyat will always go into shopping malls to buy clothes, cosmetics, smartphones and others.
The price tag indicates that the shoes cost RM100.
But at the cashier counter, the buyer has to pay RM110 due to goods and services tax (GST).
And if the customers pays by credit card, the buyer has to pay credit card charges.
So in the end, the cost climbs higher to RM110 instead of RM100.
The government has put an end to all this.
Instead of displaying RM100 on the price tag, the seller must now display RM110.
This is called single pricing.

Why is single pricing important?
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The single pricing is important to protect the rakyat’s rights as consumers.
The Domestic Trade, Consumerism and Cooperatives Ministry will do all it can to protect the rakyat from unscrupulous traders out there who likes to cheat the rakyat.
The Star reported on August 2 that businesses are now required to display only one price tag that includes GST, credit card charges and as well as other charges.
This was made after Dewan Rakyat passed the amendments to the Price Control and Anti Profiteering Act.
For the rakyat, this means they will no longer have to pay more than the price displayed, quoted or advertised as all costs must be clearly stated before payments are made.
What you see is what you get.

Single pricing will allow the rakyat to strategise
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The rakyat must have the right to know the total price of goods before they buy.
This is to enable the rakyat to strategise before they spend.
As an example, at the end of the year, most parents will need to strategise and budget before they buy their children’s school uniform.
Just imagine how the rakyat would feel that instead of RM300, they now have to pay RM325 due to GST, credit cards and other miscellaneous charges.
Is this fair?
The difference of RM25 might not be much to other people, but it is a lot of money for the lower income people.
So single pricing is very important to stop traders from cheating the rakyat.
Domestic Trade, Consumerism and Cooperatives Minister Datuk Seri Hamzah Zainuddin said on Wednesday that the policy would benefit consumers and help them make more informed decisions without worrying about additional costs.

It will also discipline the traders
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The single pricing rule will discipline business owners and prevent them from cheating the rakyat.
It will be an offence if a trader or business fails to comply with the new law.
Offenders, which include companies, may face fines of between RM50,000 and RM200,000 and jail terms of two to five years.
This is very important as it will show to the world that Malaysia is serious in promoting good values and honest in all of its business dealilngs.
When business are honest, the investors will come to Malaysia and invest and this will benefit the rakyat.

Single pricing will encourage discount and cheap sales
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Single pricing will also encourage businessmen to hold more dicsounts and cheap sales.
Domestic Trade, Consumer and Cooperative Minister Datuk Hamzah Zainuddin said it would not be a problem as the price would be lower than the one displayed.
This would promote healthy competition among the traders.
The rakyat will also benefit from the discounts and their buying activities will help support the economy.

Single pricing will promote transparency
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Single pricing will also help promote transparency.
By displaying their final price, it will show that businessmen and traders have nothing to hide.
Businessmen who practises single pricing are honest and do not plan to cheat the rakyat.
In this way, Malaysia’s image and reputation will be stronger among the international community.

Single pricing very important to investors
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The single pricing might be a small issue to some people but in reality, it is a very big issue.
Single pricing has everything to do with integrity, credibility, transparency and honour.
Foreign investors will not believe us if we don’t keep our word and not transparent.
Single pricing is about businessmen honouring their word, keeping their promises and promote greater transparency to the rakyat.
When businessmen honour their word, investors would feel comfortable and they will invest their money into our country making our economy strong.

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