Competition Bill may propose levying penalty on firms' global turnover

The suggestion to allow cartels to opt for the settlement scheme is also likely to be introduced in the Bill

The government will likely tweak the Competition Amendment Bill 2022 to propose that penalties on companies be calculated as a percentage of their global turnover instead of the current practice of levying it on their turnover within the country, it is learnt.

Further alterations to the Bill, which is likely to be introduced in the parliament soon, include a change in the definition of turnover for the purpose of penalties as global turnover derived from all products and services sold by a person or an enterprise, according to sources.

This would mean much larger penalties would be imposed than what is currently