As from 7th July 2007, all companies selling services and products will have to obligatorily make use of the dual-pricing system where the amount to be charged is displayed both in the Maltese Lira currency as well as in the Euro currency. The dual-pricing display system will therefore come into act after the irrevocable fixed conversion rate between the Maltese lira and the euro has been established.
In turn companies can adopt dual-pricing system sooner than next July should they wish to, by displaying prices in both currencies as from 1st January 2007.
Companies who voluntarily adopt the dual-pricing system prior to 7th July 2007 will be asked to participate in a scheme called Fair-Pricing Agreements in Retailing (FAIR).
FAIR is expected to pave the way towards the obligatory adoption of dual-pricing as from 7th July 2007, and will provide those employing the dual-pricing scheme early with benefits as well as familiarizing one with the Euro.
These details were revealed on Thursday in a plan launched by the National Euro Changeover Committee (NECC). The Committee’s Chairman Mr. Joseph FX Zahra said that those wishing to adopt the FAIR scheme can follow a publication of a set of guidelines that explains how dual-pricing can be displayed. The guidelines stipulate that as from 1st July 2007, all services and products must be dually-priced. The dual-pricing system will be discontinued as of 30th June 2008. The guidelines are applicable to all retailers and establishments, including those who participate as early as January 2007.
The NECC will also be providing business owners with stickers to remind them of the Euro Hotline 154. Furthermore, an SMS number that converts the Maltese Lira currency to that Euro will also be publicized further on during the year. To facilitate the changeover even more, the NECC will be distributing a preparation packet including a dual-pricing display calculator and a dual-price display pricing gun. Cash registers will not need to be changed, however business owners in possession of cash registers that produce receipts in only one currency will be obligated to install a conversion table. This conversion table will be given to business owners from the NECC.
In turn, all commercial banks in Malta have agreed that they will no longer charge business owners when they deposit Euros in Maltese Lira and Euro bank accounts throughout the duration of obligatory dual-pricing.
The Malta Chamber of Commerce & Enterprise would like to express its satisfaction at the decision by the National Euro Changeover Committee (NECC) that the Euro/Lm dual display system becomes obligatory from July 2007.
Commenting about the decision to adopt the dual pricing system as from July 2007 instead of January 2007, Chamber President Victor A. Galea said that the Chamber had discussed this issue with the NECC as the previous date advised by the NECC could have created problems to the business community.
“The Chamber commends the NECC’s decision to opt for a sensible solution and postponing the kick-off date of the obligatory dual display period to July. The Chamber cannot but stress that the Dual Display period is mandatory only when the official irrevocably fixed conversion rate is decided at the ECOFIN Council in July,” said Mr. Galea.
See also:
Plan for Euro changeover presented
By Giselle Borg Olivier
Jun 16, 2006, 08:02 CET
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