BOGOTA: Colombian President Ivan Duque on Saturday urged the public to utilise the year’s third and final value-added tax (VAT)-free day to re-energize the country’s pandemic-hit economy.
For 24 hours, VAT, which in Colombia is set at 19%, was to be suspended on all retail sales on Saturday.
“It is a very important day to reactivate our economy and to do it responsibly, ” said Duque, calling on people to shop for the holidays and avoid crowds, wear face masks and maintain social distancing.
The Ministry of Commerce, Industry and Tourism reported initial results of a more than 30% uptick in sales, which are expected to top five trillion pesos (US$1.370bil).
The previous VAT-free days were in June and July respectively.
The National Administrative Department of Statistics reported on Tuesday that the country’s gross domestic product (GDP) in the third quarter of 2020 dropped 9% year-on-year following the Covid-19 pandemic which has brought about massive economic issues. — Xinhua
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