Finance Minister Davendranath Tancoo has reassured the public that the newly introduced 0.25% asset levy on commercial banks and insurance companies, effective January 1, 2026, will not adversely affect customers. Speaking at the ICATT conference held at the Hyatt Regency in Port of Spain, Tancoo emphasized the importance of the Central Bank’s role in ensuring that financial institutions absorb the levy without passing additional costs onto consumers. He highlighted that the combined asset base of commercial banks and insurance companies exceeds $230 billion, and the levy is expected to generate approximately $5 billion annually from banks and $75 million from insurance companies. Tancoo also addressed concerns raised by critics regarding the lack of safeguards to prevent cost transfer to customers, stating that the Central Bank would maintain strict oversight. Additionally, he outlined the government’s strategy to reduce the budget deficit by enhancing the efficiency of the Board of Inland Revenue (BIR) and Customs and Excise, aiming to curb tax evasion and improve revenue streams.