AMMAN — The Senate approved the new
Competition Law, as referred by the Lower House, in its session on Sunday
chaired by Senate President
Faisal Fayez and attended by the Cabinet, the
Jordan News Agency, Petra, reported.
اضافة اعلان
The senators also agreed to return
Social Security Law to its joint Legal and Labor Committee for further scrutiny.
The efforts to amend the law were made in
tandem with the restructuring of the Competition Affairs Committee at the
Ministry of Industry, Trade, and Supply as the body concerned with implementing
laws and legislations for regulating competition.
Promoting fair competitionIn the final version, amendments to the
Competition Law aim to combat monopolistic practices and protect and promote
fair competition in accordance with international best practices.
In addition, the law stiffens penalties for
anti-competitive practices by raising fines to range between 2 percent and 7
percent of the annual total sales of goods or service revenues.
If the value of sales and revenues cannot
be identified, the fine will be a minimum of JD10,000 and a maximum of JD100,000.
Read more Business
Jordan News
.jpg)
.jpg)
