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The government plans to hold the last day of day without VAT next Saturday, November 21, as confirmed by Portafolio.
(It may interest you: the keys why covid-19 affects the Latin American economy the most).
The announcement is in line with what was proposed last Friday by President Iván Duque during his speech at the Confecámaras congress, in which he raised advance of Christmas shopping for the second half of November.
Similarly, a couple of weeks ago, the Colombian Association of Micro, Small and Medium-sized Enterprises (Acopi) he had asked the national government that on the third day without VAT there is a tax discount of 100% for products manufactured by the domestic industry and 40% for imported products.
The day would therefore begin to favor Christmas consumption from November, which would largely determine the economic trend for the end of this year, which, according to analysts, could be between -5% and 10% and, according to the government it would be -5.5%.
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According to the Raddar company, household spending continued with good dynamics in September, increasing by 0.37% compared to last year, although expenditure per person and per family continues to decline. For its part, the placement of loans decreased by 24.6% compared to September of last year in current pesos, with a decrease of 8.8% in the placement of credit cards; while in September 2019 the placement of loans grew by 30.3%.
It should be remembered that this third date was postponed to the middle of this year, by decree, and a possible date was not yet known.
“Faced with the measures that we will apply with local governments to deal with the pandemic, we will postpone the third day without VAT, seeking the maximum benefit for Colombians,” said President Iván Duque at the time.
The government is expected to officially announce the date of this third day on Wednesday.
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Bavaria heats up the battle in the country’s beer market.
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