Colombia’s Vice President Francisco Santos on Wednesday proposed higher taxes on unused land in order to encourage investment in the country’s agriculture, reported Colombian media.
Santos explained that imposing a special tax on idle land would encourage landowners to be more committed to investing in agricultural production, which would in turn boost the Colombian economy through increased fruit exports.
“When you look at the structure of the land, there is a lot of unproductive land and too much speculation,” said the vice president.
Santos also predicted that his plan would help Colombia’s smaller agricultural businesses by forcing large companies which hold land for speculative purposes to decide whether to sell it or use it for production.
Vice President Santos clarified, however, that the proposition was a personal one and was not part of the Colombian government’s future initiatives.