PN claims government introduced ‘hidden’ tax increases over Christmas period

The Nationalist Party has accused the Labour government of introducing new “hidden” taxes over the Christmas period, claiming that increased regulatory fees across the financial services sector amount to fresh tax burdens on businesses and consumers.

In a statement, the PN said that following Budget 2025, the government issued a series of legal notices raising application and supervisory fees for banks, investment services providers, insurance companies and intermediaries, trustees, pension scheme providers and crypto operators.

The Opposition said the fees were increased again at the start of the new year, forcing financial services operators to pay more simply to continue operating in Malta. It argued that the measures contradict repeated government assurances that no new taxes would be introduced.

According to the PN, the higher regulatory costs will not be absorbed by companies but passed on to customers through increased service charges and higher insurance premiums for property, vehicles and health cover.

The party also pointed to new charges on medicinal products introduced shortly after the budget, saying these too were implemented without consultation and added to the overall cost burden on households.

“These measures show a government that keeps raising taxes and fees to try to square the circle of rising debt created by uncontrolled spending.”