Government introduces new taxes on companies operating in the financial services sector, PN says

In order to address the record debt they have accumulated for our country, through legal notices published in the Government Gazette on Christmas Eve, Robert Abela and Clyde Caruana announced several new taxes, the Nationalist Party said Friday.These

By: independent.com.mt

Jan 03 2025
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Government introduces new taxe

These taxes - some of which are more than double what they were previously - affect companies operating in the financial services sector, the PN said through its spokesmen Jerome Caruana Cilia (economy and enterprise) and Graham Bencini (finance).

The taxes target banks, companies offering investment and insurance services, among others. There are also taxes impacting companies providing payment services. These taxes were not announced at any grand press conference under a large marquee in front of Castille but were instead quietly introduced during the Christmas festivities.

The record debt created by Robert Abela and Clyde Caruana - for which they have little to show - is leading to these new taxes, which will ultimately be borne by the Maltese and Gozitan people, the PN said..

The greylisting, a consequence of the Labour Government's policies, caused significant damage to the financial sector. Now comes another blow that further burdens operators in the sector. This tax burden will ultimately fall on clients - that is, Maltese families and businesses.

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.

While the inner circle thrives and prospers, taxes are increased and quietly introduced during the Christmas festivities, the PN said.