The Colombian government on Monday sent a bill to Congress that would impose tax on wealthy citizens and businesses in a bid to raise about $1 billion per-year to fund the army's fight against rebels, Reuters reported.
The tax would start in 2011 and last for four years. Colombia's current War Tax, which raises money to help the state combat a 45-year-old leftist insurgency, is set to expire at the end of next year.
Companies and businesses with liquid assets worth $1.4 million or more will be subject to the proposed levy.
Colombia's economy shrank in the last three months of 2008 and in the first quarter of this year, due to the global financial crisis and diminished demand for Colombian exports.