Guatemala revises bill for storm rebuilding to cost up to $1 billion

Rebuilding in Guatemala after a devastating tropical storm last month could cost up to $1 billion and the country must prove to international donors that it is making every effort to raise revenues through taxes, President Alvaro Colom said.

"We are getting strong support from the international community but Guatemala has to demonstrate that it has a high tax level and transparency," said Colom, who is pushing for fiscal reform to help fund the national budget.

Colom's fiscal reform proposal, which includes raising income taxes, has faced stiff criticism from Guatemala's powerful business chamber and opposition politicians.

Original source: Reuters