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Crowds of people swarmed an open air market in Bogota on Saturday, as Colombia implemented its third and final VAT-free day in 2020 to reviltalise its pandemic-hit economy.
For 24 hours, the value-added tax (VAT) – which is set at 19 percent in Colombia – was withheld on all retail sales on Saturday.
Crowds of people were seen shopping in a market in Bogota’s San Victorino district.
The country’s Ministry of Commerce delineated initial results of a more than 30 percent boost in sales, which are predicted to exceed 5 trillion pesos ($1.3 billion/€1.1 billion).
The country’s previous VAT-free days took place in June and July.
Colombia’s gross domestic product (GDP) in the third quarter of 2020 shrank by a 9 percent year-on-year following the COVID-19 pandemic, according to reports citing the country’s National Administrative Department of Statistics.
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