With the start of a new legislative session, DECO PROteste has gathered the 10 biggest concerns in the financial field, which range from the end of commissions on PPRs to the regulation of digital influencers.

"The 10 themes are part of a broader commitment by DECO PROteste to Portuguese consumers, ensuring that their rights are respected and that they have access to fair and transparent information", the organization explains, in a statement sent to newsrooms.

With these proposals, DECO PROteste assumes "as its objective to promote healthy market competition, without subterfuges or hidden topics in clauses that are difficult to understand for most people".

These are the measures that DECO PROteste advocates:

1. Mandatory financial literacy in education and companies - "DECO PROteste advocates the mandatory inclusion of financial literacy in education and its promotion in companies and public organizations";
2. Reduction of the tax rate on savings products - "It is considered urgent to reduce the tax on savings products in Portugal, especially considering the low national savings rate. This rate has undergone successive increases: it went from 20% to 21.5% and, in early 2012, rose to 25%; still in November of that year it went to 26.5%; and, in 2013, it shot up to the current 28%, one of the highest rates in Europe. For example, in Spain, the income from deposits is taxed at 19% for interest up to 6000 euros. If the amount of interest is between 6000 and 50,000 euros, then the rate of 21% is applied and for amounts over the rate is 23%";
3. Creation of a savings account that serves as an emergency fund - "It is essential to encourage Portuguese families to save. To this end, DECO PROteste proposes the creation of a tax-free savings account up to a certain amount, which can serve as an emergency fund. For example, in Belgium, savings accounts are a specific product regulated by the Government and the interest on savings accounts is tax-free up to 1020 euros per person (value of 2024, may change each year). If the savings account is in the name of a married couple or in a de facto union, the exemption doubles to 2040 euros per year. To obtain 1020 euros of interest, it would be necessary to apply, for example, 51,000 euros at 2% per year";
4. Reorganization of the income from government savings products - "It is proposed to reorganize the income from government savings products, in order to make them more attractive and aligned with the risk and liquidity that each one offers. They should provide a return according to the risk and liquidity of each one, which is not happening and even causes some confusion for the saver. For example, Savings Certificates are, of the three, the one with the highest liquidity and the capital is always guaranteed. But the return is higher than Treasury Savings Certificates, which guarantee the capital but have less liquidity";
5. Increase in the advantages and tax benefits of PPRs, to encourage long-term savings - "More than 1.2 billion euros came out of Portuguese families' pension savings plans (PPRs) throughout 2023, a year in which it was possible to channel these savings into housing loan expenses without penalties (either amortization or payment of the installment). These same exceptions remain in place in 2024, so it is expected that two years will be spent emptying the savings coffers that were intended to create a supplement for retirement. ADECO PROteste calls for an increase in the advantages and tax benefits of Pension Savings Plans (PPRs), with the aim of encouraging long-term savings";
6. Elimination of the transfer fee on PPRs and guaranteed capital pension funds - "It is urgent to eliminate the transfer fee on Pension Savings Plans (PPRs) and guaranteed capital pension funds. DECO PROteste considers it unsustainable to impose a cost on long-term products that have low returns, a cost that harms consumers and the proper functioning of the market. DECO PROteste makes available the Earn More on PPR simulator, so that consumers can find out which is the best PPR and whether it is worth transferring their pension savings plan to another product";
7. Creation of a simple technical sheet for capitalization insurance - "DECO PROteste proposes the creation of a simple technical sheet for capitalization insurance, including PPR insurance, to provide the consumer with a clear summary of the main information in accessible language, allowing comparisons with other financial products";
8. Extension of the capital gains exemption to other products - "Considering the speculative risks and the lack of regulation of cryptoassets, it is justified to extend the tax exemption to other financial assets, such as investment funds, shares and ETFs, held for 365 or more days, in order to promote tax equity";
9. Reduction of taxation by 48% on shares, funds, bonds and ETFs - "The taxation of 48% of capital gains from the sale of securities such as shares, ETFs, bonds, among others, applied only above a certain amount of taxable income (78,834 euros) and when the assets are held for less than 365 days, is considered an exaggeration and also criticized by the president of Euronext. Instead of the autonomous rate of 28%, a tax rate of 48% is applied, which discourages investment in the stock market, especially the national one, and promotes tax evasion, which does not contribute positively to investors' savings decisions";
10. Regulation of advertising of financial products with risks and sponsored digital influencers - "Aggressive advertising on social networks, which promises quick and high returns on complex financial products, and sponsored digital influencers, often without the proper accreditation required by CMVM, are influencing thousands of followers. Therefore, it is essential to establish stricter rules for influencers, who often act as experts in investment areas, thus ensuring adequate protection for investors and consumers".

Read also: Four tips to reduce costs without salary cuts or layoffs (Portuguese version)

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