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.
Comments