Colombia: Crowds hit Bogota market amid tax-free day for economic revival

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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