Accessibility links

Breaking News

Colombia's Uribe Proposes Renewing Tax on Rich to Pay for Defense

Colombian President has suggested renewing a tax on wealthy people's assets to finance military spending.

Mr. Uribe made the proposal Wednesday at a seminar in Bogota. The revenue raised from the tax would be used to provide better equipment and technology for Colombia's armed forces and police.

Mr. Uribe introduced a similar tax to pay for defense after he took office in 2002, but the tax is due to expire. His administration has increased military spending in recent years to help combat leftist rebels fighting a decades-old civil war.

A new tax on the wealthy would require approval by Colombia's Congress.

Mr. Uribe is running for re-election in May. Opinion polls show he is likely to score a comfortable victory.

Some information for this report was provided by Reuters.