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 that the Central Bank would be tasked with ensuring that these institutions absorb the levy without passing additional costs onto consumers. The levy is expected to generate significant revenue, with commercial banks and insurance companies holding combined assets of over $230 billion, yielding an estimated $5 billion and $75 million annually, respectively. Tancoo highlighted the importance of financial responsibility and equity, urging the Central Bank to maintain strict oversight. Despite concerns from critics about potential cost transfers to customers, Tancoo expressed confidence in the public’s digital awareness and ability to seek better financial options if necessary. Additionally, the government is focusing on enhancing the efficiency of the Board of Inland Revenue (BIR) and Customs and Excise to address tax evasion and reduce the budget deficit, which currently stands at 2.17% of GDP. Tancoo also mentioned ongoing efforts to modernize the BIR, aiming to improve accountability and revenue collection to support national development.