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Putin signs law limiting rebates for retail chains

According to approved norms, total amount of bonus paid by the supplier is capped by 5%.

MOSCOW, July 4. /TASS/. Russian President Vladimir Putin signed the law limiting the amount of rebates (retro-bonuses) for retail chains and time limits of payment for supplied goods.

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The document posted on Monday on the official web portal of legal information was passed by the State Duma on June 24 and approved by the Federation Council on June 29, 2016.

According to approved norms, total amount of bonus paid by the supplier is capped by 5%. The rebate calculation comprises marketing and logistical services and services of goods preparation for sale.

The law also reduces time limits of payment for supplied products. Food products with the shelf life below 10 days shall be paid at the latest of 8 days from acceptance time. Goods with the shelf life from 10 to 30 days shall be paid at the latest of 25 days from acceptance time and goods with the shelf life over 30 days, including domestic alcoholic drinks, shall be paid at the latest of 40 days.

The law will largely come into force in 10 days from its promulgation. A portion of norms will be effective from January 1, 2017, particularly the ones related to terms of supply contracts made before this law comes into force.

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