The Bankers Association of Trinidad and Tobago (BATT) is encouraged by the scope of the measures proposed in the 2026 National Budget presented by the Finance Minister, the Honourable Davendranath Tancoo on Monday, October 13, 2025.
The measures announced by the Minister seek to address thorny and longstanding issues including the sustainability of the NIS system, reform of the VAT system, oversight of public spending through the establishment of a Financial Oversight and Appropriations Committee and unlocking value in state assets through both the establishment of the Real Estate Investment Trust and expansion of the National Investment Fund.
The Association welcomes the government’s emphasis on digitising public services as well as improving trade logistics, transportation infrastructure, and payment platforms—key drivers of national productivity. Effective rollout of the Digital ID should enhance online security, help banks reduce fraud, and boost investor confidence. These initiatives will accelerate financial inclusion, empower small businesses, and promote e-commerce.
Financial institutions in Trinidad and Tobago have invested considerable sums in fostering digital transformation of the banking sector and we look forward to working with the relevant bodies in due course.
With respect to the proposed 0.25% levy on commercial banks’ assets, BATT looks forward to engaging with the Ministry of Finance to discuss the mechanics of its implementation vis a vis, exemptions or reduced rates for government securities and interbank placements, deductibility of the tax from corporate income tax and threshold-based application. The Association aims to ensure that the levy minimises negative effects on expansion activities and preserves the stability of the banking sector, while carefully balancing the government’s need for additional revenue with the promotion of sustainable economic growth.
The Association looks forward to receiving more details on all the measures identified and implementation around the dates identified.