VAT refund 2023: when and how to request it? – Personal Finance – Economics

In 2020, Decree 419 stipulated the granting of compensation in favor of the most vulnerable population, with the aim of generating greater equity in the tax system. This initiative, implemented during the government of President Iván Duque, was called VAT refund.

The VAT refund, according to the Administrative Department for Social Prosperity, is nothing more than financial aid for vulnerable families, whose main purpose is to alleviate the impact of the tax on the consumption of products and services.

The payment of the VAT refund, according to the entity, is equivalent to 80,000 Colombian pesos, which are disbursed bimonthly. Its collection process is free and any additional collection must be reported to Prosperidad Social.

Low-income families will be able to access this financial compensation. For this, it is necessary that they are registered in Sisbén IV, that they be used to focus social spending on the most vulnerable population. economically. You should take into account that the Sisbén registry is a requirement to identify the most vulnerable, but it does not grant the benefit of repayment.

(Also read: Foreign tourists in Medellín can request a VAT refund on their purchases).

In the VAT refund, as well as in several of the Social Prosperity programs, people do not have to go through a prior registration or call stage. The selection depends not only on the level of vulnerability, but also on the resources available to the entity. Hence, it is essential to be registered in the Sisbén and constantly update the data.

If you wish to check if you are a beneficiary, you can do so by entering the page and clicking on the ‘Authenticate and check if you are a beneficiary’ button and then log in with your ID. If you are not registered, you can do so by clicking ‘Register’, which is located in the upper right corner of the website.

VAT refund 2023: what you should know

Although the VAT refund initiative began in 2020, the government conceded that the payments will continue to be made in the course of 2023. Finally, explains the official Sisbén website, it is necessary for the beneficiaries to keep up to date with their data and the news.

On December 21, 2022, Prosperidad Social began with the payment of the participating households of cycle 12 and those accumulated from cycles 10 and 11 of last year, for an amount of 80 thousand pesos. The compensation was delivered until January 10, 2023.

(Keep reading: This is how you can collect the VAT refund in a municipality not registered in Sisbén).

“For this payment, 2 million households were programmed, complying with the established quota of the program. The National Government provided more than 187,000 million pesos to guarantee the payment of this cycle to all the participants”, pointed out the Administrative Department for Social Prosperity on its website.

So far, the entity has not confirmed the payment date of the 2023 cycles. However, it is essential that you make sure to send the pertinent news to ensure the first return payment.

(Of interest: Where can you collect the VAT refund benefit?).

We contacted the entity to find out the next delivery period. However, the information provided by the customer service line was: «There are no schedules for the delivery of incentives. We remind you to be attentive to our service channels, through which we will inform the start of the next incentive period”.

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