In a significant fiscal move, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, announced the introduction of a 0.25% asset levy on commercial banks and insurance companies operating in the country. The announcement was made during the presentation of the 2025/2026 national budget at the Red House on October 13. Minister Tancoo highlighted that these institutions, due to their substantial size, profitability, and strong asset bases, have consistently reported high earnings and liquidity ratios. He attributed these outcomes to conservative lending practices and favorable monetary conditions. However, he noted that the average citizen continues to face exorbitant fees and negligible returns on savings and investments. The proposed levy, which excludes institutions operating under the Special Economic Zones Act, is set to take effect on January 1, 2026, and is projected to generate approximately $575 million annually for the national revenue.