On December 3, the last day of the day without VAT was held in Colombia and According to the national authorities it was a complete success.
Through this initiative launched by the national government in the middle of the COVID-19 pandemic, it seeks to give an extra boost to economic revitalization and help trade recover after the severe blow caused by the health emergency.
According to CredibanCo, on this last day of the day without VAT 580,630 million pesos were billed across the country at an average index of 240,587 pesos as well as 1,726,299 purchase cards.
Similarly, the facility confirmed that 2,413,392 transactions were executed. “The highest growth rate compared to the special dates 2020-2021 (+82%) has been recorded,” CredibanCo reported in last Friday’s budget, December 3rd.
For his part, the President of the Republic, Yvan Duque Marquez, confirmed through his social networks that this last day of the day without value-added tax was a success.
“Wow, the third and final day of #DiaSinIVA for 2021 has concluded, confirming that the trade sector is recovering to provide jobs and contribute to the #safe revitalization of our country. Their $11.2 billion in sales have exceeded all expectations,” Duque wrote on his Twitter account.
According to an infographic shared by the Supreme President on the social network, in total, at the national level, Sales amounted to 11.2 billion pesos.
Similarly, the national authorities reported that for the second day without VAT, there was an increase in sales 5% while in relation to the first day the growth was 18%.
On the other hand, the third day without VAT recorded a 10% growth in the number of invoices compared to the previous day. Compared to the first date of deduction in recent months, the increase in bills was 41%.
Sections with the biggest increase in sales
The Colombian Ministry of Commerce also highlighted the success in sales during the last day of the day without VAT and reported on which departments were most used on this third day of discounts.
Maria Zimina Lumpana, Head of Trade Portfolio, highlighted that in the regions with the largest increase in sales during the day, compared to the third day without VAT for 2020, Valle del Cauca with 164%; Antioquia by 159%; Atlantico by 157% and Norte de Santander by 104.7%.
Likewise, he stressed that during the day there were no disturbances of public order in the national territory.
“I would like to mention the sales we had in the first two days without VAT, on the first day the total sales were $4 billion and the second $10.7 billion. Minister Lumbana reported Ending the day on December 3, so far we don’t have any reports of issues Related to public order, crowds, or virtual lines.
How do you calculate the value of a product without VAT?
It’s a simple equation. What you need to do is take the final price of the product (which already includes VAT) and divide it by 1.19. Thus, for example, if the product or total purchase is $181,540, which is the maximum purchase of school supplies, given that their value per day excluding VAT would be $155,000, saving approximately $26,500 on the purchase.
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