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28 January 2023

07 Rajab 1444

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Law No. 12 of 1972 on Mandatory Pricing and Fixing Profits

Law Summary Record Type: LawNumber: 12Date: 03/04/1972 Corresponding to 19/02/1392 HijriNumber of Articles: 13Status: In force

Official Gazette :Issue: 4Offcial Journal Issue Publication Date: 01/01/1972 Corresponding to 15/11/1391 HijriPage from: 1342

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Article 7
Starting Date: 03/04/1972

1. Any person who buys, with the intent of trafficking:

a. A commodity at a price above the price set in accordance with Article 1 (1);

b. A commodity at a profit above the profit set in accordance with Article 1 (2);

shall be sentenced in accordance with Article 6 of this Law.

2. The buyer’s responsibility shall be terminated where the seller proves in the bill of sale that he sold his goods in accordance with the prescribed profit or verified that the bill of sale does not show a statement of a placebo or false commercial name and does not provide evidence that the buyer had knowledge of the seller’s illegally obtained profits.