The Government will be introducing an Asset Levy on commercial banks and financial institutions operating in this country in fiscal 2026 with limited exceptions.
The Finance Minister made the announcement while he delivered the statement for the Government's 2026 Budget in the House of Representatives on Monday.
00:00Mr. Speaker, commercial banks and insurance companies, due to their large-sized profitability and capitalization, have reported sustained earnings, high liquidity ratios, and strong asset growth.
00:15Conservative lending practices and favorable monetary conditions have driven these outcomes.
00:21Despite this, the average citizen continues to be subjected to unreasonably high fees and near-zero returns on their savings and investments.
00:34Against this backdrop, I propose to introduce an asset levy of 0.25 percent, that's a quarter percent, Mr. Speaker,
00:46which is to be charged against the assets of commercial banks and insurance companies operating in Trimblad and Tobago.
00:53Importantly, the asset levy will not be applied to financial institutions and insurance companies operating under the provisions of the Special Economic Zones Act.
01:04This measure will become effective January 1, 2026, and is expected to contribute $575 million annually to revenues.
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