Colombia’s government is proposing new tax increases on wealthy individuals, gambling platforms and carbon emissions to rein in the fiscal deficit without cutting social programs.

Finance Minister Ricardo Bonilla submitted a bill to congress on Tuesday intended to raise 12 trillion pesos ($2.8 billion) next year. The changes would lower the threshold for paying wealth tax, and impose higher levies on online gambling and hybrid vehicles.

The bill also includes a gradual reduction over five years of the corporate tax rate, to 30% from 35%, though this excludes coal and oil companies, Bonilla told reporters in Bogota Tuesday.

Nearly half of the extra revenue would come from an accounting change.

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