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VAT-free days in October and November

VAT-free days in October and November

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The “El Heraldo” website published information about the VAT-free days in October and November.

1. Social investment law

To reactivate the economy of commerce and promote household consumption, the Social Investment Law contemplates the implementation of the VAT days. According to the Minister of Finance, he assured them these days will be held in October and November of this year.

2. Sales record

According to the president of the National Federation of Merchants (Fenalco), Jaime Alberto Cabal, the three days of last year’s sales were recorded exceeding $13.9 billion.

3. Exempt goods

The goods covered by the VAT sales tax exemption are clothing, footwear, and clothing accessories such as backpacks, briefcases, handbags, wallets, sunglasses, umbrellas, scarves, and costume jewelry whose sales price per unit are equal to or less than 20 UVT. This year, the value of the UVT (Unidad de Valor Tributario – Tax Value Unit) is $36,308.

Also included are household appliances, computers, and communications equipment, sports equipment, goods, and inputs for the agricultural sector, whose unit sales price is equal to or less than 80 UVT.

The list includes sports items whose unit sales price is equal to or less than 80 UVT.

Likewise, toys and games whose unit sales price is equal to or less than 10 UVT, and school supplies whose unit sales price is equal to or less than 5 UVT.

4. Payment methods

To access the tax benefit, the payment of the covered goods must be made in cash or through debit cards, credit cards, and other electronic payment mechanisms.

In addition, the person responsible for VAT may only sell the covered goods located in Colombia and at retail, in person, through electronic or virtual means, and directly to the natural person who is the final consumer.

5. Importation of goods

On the other hand, and in terms of VAT, the importation of goods through postal traffic, express shipments, or fast delivery shipments with a value of less than USD 200, which previously did not generate VAT, will now be subject to the payment of the tax.

Source: El Heraldo 15/09/21

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