VAT Free Day and Black Friday in Colombia
Colombia, like many countries around the globe, has had its ups and downs during 2020. It started the year with an intense nationwide protest and then came Covid-19. Colombians have tried to adapt to the new reality by implementing new rules and ways of living. Some more restricting than others, some temporary, and some are here to stay. But after months of darkness and uncertainty, they can now start seeing a silver lining.
One of the biggest measures taken by the government is the Colombian VAT Free Day (Día sin IVA). This is a benefit that the Government grants to all Colombians in order to support the reactivation of the economy. Colombians may purchase some specific products without paying the value-added tax VAT. This reduces a lot the price of products and helps the economy to keep moving.
There have been 3 VAT Free Days in Colombia. In June, July and November. How can this compare to Black Friday in the US? It goes pretty much hand in hand. Colombians have never seen such a reduction in prices before so people left fear behind and finally left to go and buy their much-wanted laptop or video game console. Back in June, the first VAT Free day came with long queues, a massive movement of buyers in shopping centers, and crowds of people everywhere. This caused the contagious rate to spike so measures had to be taken. So much so that one of the largest home appliances shops in the county was closed temporarily and heavily penalized.
Source: Canal Institucional TV
Now, on the eve of Christmas, even bigger crowds are expected. People are desperate to go out and get Christmas presents, the largest TV screen there is, or just simply go out after months of confinement. So because of this, there are now 2 occasions for discounts. The last VAT Free day on Saturday 21st of November and also a Black Friday Week from Friday 27th to Sunday 6th of December. However, although purchases during Black Friday days are discounted, they do include VAT.
For that day, hundreds of brands are expected to offer discounts on their products related to travel, technology, clothing, shoes, toys, home, and sports, among other categories.
Tips to take advantage of the best deals and keep your purchases safe:
Plan your purchases: For Black Friday and VAT Free days, it is recommended to have clear what products will be purchased. This will help you take advantage of the best offers. A list of products will be helpful for this.
Find the best time to buy: The best discounts are the first to run out due to the high demand they have. According to Black Friday Global, the largest number of purchases during Black Friday in Colombia is made between 3:00 p.m. and 9:00 p.m so it’s recommended to avoid this timeframe when buying online.
Review what expenses could be reduced: This discount season is ideal for purchasing insurance and other products that will be useful to reduce expenses. Those expenses that annually are a headache can be resolved in a good offer. According to the ComparaOnline portal, discounts on these types of products can reach between 50% and 70%.
Compare offers: Sometimes we have to make sure that the discount shops offer us is actually a discount. We must also take the time to compare the prices, quality, and benefits that different stores offer us.