REPUBLIC OF LITHUANIA REPUBLIC OF LITHUANIA LAW ON PRICES (As amended by 5 October 1993) Article
- This law shall define the system of pricing, including regulation and control, for the Republic of Lithuania. Article
- Two pricing mechanisms shall operate in the Republic of Lithuania:
(1)pricing, as regulated by state government institutions; and
(2)market pricing. Article 3. The Government shall regulate prices by:
(1)setting the minimum and the maximum prices for certain goods and services;
(2)declaring specific prices for goods and services on a special list prepared by the Government. Article
- The Government shall fix prices for products and services provided under state contracts or procured through state purchases. Article
- The Government of the Republic of Lithuania shall set the level of excise duties and establish the list of goods requiring such duties. Article
- Local government bodies shall regulate prices for the products of enterprises at the local level, as well as tariffs on services pursuant to state regulation, as provided in Article 3 hereof. Article
- Market prices and tariffs shall be applied to products and services that are not subject to state regulation under Article 3 and Article 6 hereof. Article
- If the dynamics of market prices and tariffs cause or are likely to cause a disturbance in the functioning of economy, which, in its turn, affects the interests of the economy of the Republic and its residents, the Government may suspend or restrict price and tariff increases for a period not exceeding 6 months. Article
- State pricing control shall include research into the reasons and factors of the pricing system that have an impact on price levels and changes, as well as on the enforcement of this Law and other legislative acts regarding price formation in economic activities. Article
- Economic entities shall provide the information necessary to proper exercise of state control of pricing in cases specified by law. Prices and tariffs shall be made available to the public according to the procedure provided by law. Article
- Administrative and legal action may be taken against persons who violate this Law and other legislative acts regarding price formation and control of the Republic of Lithuania in accordance with the procedure established by law whereas economic entities shall be subject to economic sanctions (Amended 5 October 1993). Fines imposed upon economic entities that are under local jurisdiction shall be paid into the budgets of the local governments. In all other cases, fines shall be paid into the State Budget. Article
- This Law and other legislative acts on price formation adopted by the Republic of Lithuania shall be implemented by the State Price and Competition Agency and by local governments (Amended 5 October 1993). Article
- State government bodies when establishing prices and tariffs of goods and services must coordinate them with the State Price and Competition Agency under the Government of the Republic of lithuania, with the exception of prices and tariffs that are established by city (region) boards (amended 5 October 1993). Vytautas Landsbergis President Supreme Council Republic of Lithuania 26 July 1990 No. I-413