PN accuses government of hidden taxes as new financial services fees take effect
Opposition says post-budget fee hikes contradict government pledge not to introduce new taxes
The Nationalist Party has accused the government of introducing new taxes despite pledging not to do so, claiming higher fees imposed on the financial services sector are a "tax on business" that will be borne by the consumer.
In a statement on Friday, the PN said a series of legal notices published shortly after last year's budget announcement had increased application and supervisory fees for a wide range of financial services providers.
According to the Opposition, these fees have been raised again this year, adding to the cost of doing business in Malta.
"This means that higher recurring costs are hitting all financial services operators. These measures were not announced in the budget, despite reassurances of no new taxes," the PN said.
"Besides being taxes on business, the reality is that the cost is passed directly onto consumers. Maltese families and businesses ultimately pay the price through higher fees, higher premiums on insuring their property, car or health services."
Banks, investment services providers, insurance companies, intermediaries, trustees, pension scheme providers, and crypto operators are among those affected by the higher fees, the party said.
The PN criticised the government for failing to announce the measures during the budget debate, arguing the decision undermined transparency and rendered the promises of “no new taxes” meaningless.
While the fees are framed as regulatory or supervisory charges, the Opposition maintained that the increases amount to recurring taxes on businesses operating in the sector.
Finance Minister Clyde Caruana had made it clear ahead of his October budget announcement that this year would see no new taxes.
The PN also linked the new financial services fees to other post-budget measures, including new charges on medicinal products introduced shortly after Budget 2025. These, too, were implemented without consultation and further burden households already facing rising living costs, the party said.
"Taken together, these measures show a government that keeps raising taxes and fees to try to square the circle of rising debt created by uncontrolled spending," the Opposition said.
"This is Malta under Labour. Those close to the Labour government keep getting richer, while families are asked to pay more for essential services."