This Friday, June 17, the second day of the day without VAT in the country.
The final balance indicates that 1.7 million digital transactions were made, which indicates an increase in sales compared to the previous day.
However, the VAT exemption aims to encourage consumers to go to shops and boost certain sectors. When making purchases it is important that you take into account what you should do if you want return your product.
In general, consumers have the right to enforce the guarantee of the product they purchased in the event of turn out to be defective. They can even give up the purchase and go to a return.
Regarding this point, the Ministry of Finance and Public Credit, through Decree 1314, stipulates: “When the return or reimbursement of the value of the good is generated, the new purchase will not be covered by the sales tax exemption ( VAT), unless it is done on another day that applies this benefit.
That is, any purchased product can be returned if you want to make the guarantee efficient.
On the other hand, regarding an exchange or return of the products, they would not be exempt from the collection of 19%, which represents the Value Added Tax. Now, in case of reimbursing the money to the buyer, he must wait for a nnew date of the day without VAT to be able to buy at a discount.
(Also: Economic activity in Colombia grew 12.0% in April).
Now, within the regulation it is explained that the products that are purchased on the day without VAT must be dispatched a maximum of two weeks after making the purchase. After that date, the business must assume the payment of the tax.