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The proposal of the National Federation of Merchants (Fenalco) that wanted October 30 to be the moment to activate trade through this strategy was discarded.
“We highlight and appreciate the proposal of the President in the sense of accepting that it is going to take place (…) the most important thing is that the day happens, the date is a bit secondary,” said Jaime Alberto Cabal, president of Fenalco .
In reality, he said, the interest is “to stimulate the economy and employment”, the proposal that had been made sought to take advantage of “the Halloween weekend to have an extraordinary trading day, but if it is in November, welcome, in October would not join with Black Friday and December would not join with Christmas ”.
The measure is positive for businessmen and reaches a good environment in the state of businesses, which in August showed a more positive confidence index, going from 7.1% in July to 13.8% in the eighth month of the year , according to the latest figures revealed by Fedesarrollo.
In fact, in the economic state of companies, they are more optimistic, varying from 8% to 23.5% in the same period mentioned, and have a better economic expectation for the next semester, going from 5.7% to 19.9 %.
What is that day about?
The initiative was approved after the Economic Growth Law, which sought to revive the 2018 Financing Law, which was declared unenforceable by the Constitutional Court.
Thus, its conception was prior to the pandemic, but the days of application were officially chosen on May 18 in the presidential program with two objectives: the reactivation of trade and the acquisition of products without this tax. They were later crystallized in Decree 682 of 2020.
Due to the pandemic, the amounts of some products reached up to 2.8 million pesos (such as electronics, sports equipment, inputs for the agricultural sector) and extended the benefit to other goods that were not previously included such as computers, skateboards and agricultural products. among others.
The coverage includes articles that without VAT have prices lower than: 712,140 pesos in clothing and accessories; 356,070 pesos in toys, and 178,035 pesos in school supplies. The basic condition is that the transaction is carried out by electronic mechanisms and there is a purchase limit of three items of the same type.
What the others left
The previous days without VAT, on June 19 and July 3, left sales for 9.4 billion pesos, according to the data released after the balance of the days by the Government.
Last date, the National Tax and Customs Directorate (Dian) registered 900,000 transactions, and online sales totaled 320,000 million, classified by the presidency as “the highest in the history of electronic commerce in the country, with growth of 330% compared to as of July 3, 2019 and 40% compared to the day without VAT on June 19 ”.
Likewise, the entity confirmed to the newspaper El Colombiano that the tax cost only reaches 1/6 of the value (exempt goods) that is, for 1.5 trillion pesos, which leads to think that the fiscal cost is 285,000 millions.
What suggests that the purchase of homes was not mostly goods exempted by the measure and it is worth bringing to present value what the tax expert, Liliana Heredia said on this issue: “it is a measure that generates sympathy in a An important part of the population and that makes it generate a certain affinity for the government; This type of measure has a political nature, so not all economic decisions pursue economic measures ”.
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