The beginning of a new year has brought the introduction of new fees and taxes, this time across the financial services sector, once again exposing the Labour Government's claims of "no new taxes" as empty rhetoric, the Nationalist Party said Friday.

In the midst of the Christmas festivities post-Budget 2025, the Labour Government had introduced a series of legal notices that increased application and supervisory fees for banks, investment services providers, insurance companies and intermediaries, trustees, pension scheme providers and crypto operators.

This year, those fees are being increased once again, forcing businesses to pay even more simply to continue operating in Malta, the PN said.

This means that all financial services operators are being hit by higher recurring costs. These measures were not announced in the budget, despite reassurances of no news taxes.

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.

These increases come on top of new charges on medicinal products introduced shortly after the budget, again without consultation. 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 PN 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," the statement said.