The Government has introduced new taxes on companies operating in the financial services sector and according to the Nationalist Party, this “substantial increase in taxes quietly announced on Christmas Eve, will ultimately burden consumers.”

In a statement, the PN pointed out that “in order to address the record debt they have accumulated for our country, through legal notices published in the Government Gazette on Christmas Eve, Prime Minister Robert Abela and Finance Minister Clyde Caruana announced several new taxes.”

“These taxes – some of which are more than double what they were previously – affect companies operating in the financial services sector,” the PN said. “The taxes target banks, companies offering investment and insurance services, among others. There are also taxes impacting companies providing payment services.”

The PN went on to say that “the scandals of recent years within several government entities, including those under Minister Clyde Caruana, are causing Maltese and Gozitan consumers, who rely daily on banking, insurance, and investment services, to suffer.”

The statement was signed by Jerome Caruana Cilia Shadow Minister for the Economy and Enterprise and Graham Bencini Shadow Minister for Finance.

File photo: EP

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