Tancoo: 0.25 % asset levy for banks, insurance companies

News Paula Lindo 9 Minutes Ago

Minister of Finance Davendranath Tancoo -

Finance Minister Davendranath Tancoo said one of the fiscal measures to be implemented to bring in revenue will be a 0.25 per cent asset levy on commercial banks and insurance companies operating in TT.

He made the statement while reading the 2025/2026 national budget at the Red House on October 13.

“Commercial banks and insurance companies, due to their large size, profitability and capitalisation have reported sustained earnings, high liquidity ratios and strong asset bases. Conservative lending practices and favourable monetary conditions have driven these outcomes. Despite this, the average citizens continues to be subjected to unreasonably high fees and near zero returns on their savings and investments.”

He said he proposed an asset levy of 0.25 per cent to be charged against the assets of commercial banks and insurance companies operating in TT.

“The asset levy will not be applied to institutions and insurance companies operating under the provisions of the Special Economic Zones Act. This measure will become effective on January 1, 2026 and is expected to contribute $575 million annually to revenues.”