OCR Text |
Show Price Lists Required by Business Retailers Says Revenue Service Retailers are required to prominently post base prices of goods offered for sale at their place of business by Jan. 1, 1972, according to Roland V. Wise, District Director of Internal In-ternal Revenue Service. In making the new ruling public, Mr. Wise said that the regulation was decided by the President's Price Commission and announced in Washington, D.C. under the present period of economic control which began be-gan Sunday, Nov. 14. Mr. Wise explained that retailers re-tailers must display base prices pric-es on those 40 items in each department which have the highest sales volume or those items which account for 50 per cent of the total sales in each department, whichever is less. Further, Mr. Wise said, a retailer re-tailer must display the base prices on all food products sold, except those exempt from price controls generally raw agricultural agri-cultural produats. No increase in prices are allowable, al-lowable, Mr. Wise emphasized until base prices have been posted. In other words, a retailer re-tailer must post his base price lists prior to raising any prices within his store. Mr. Wise generally defined "base prices" as the ceiling price permitted for the period Aug. 15, 1971 and ending Nov. 13, 1971. Prior to Jan. 1, Mr. Wise explained further, if the price list is not posted then the store must provihe a sign on each floor announcing the availability availabil-ity of "ceiling price request forms" at a designated place on each floor. Under this system sys-tem a customer wishing price information may fill out the form and leave it with the merchant mer-chant who has 48 hours to answer ans-wer the request. More detailed information on this ruling can be obtained from your local office of Internal Inter-nal Revenue Service. |