Deco Proteste today presented 10 concerns that it hopes will be resolved during the new legislature, resulting from the March 10 elections, highlighting more financial literacy, regulation of digital influencers and fewer fees and taxes on financial products.
“The 10 themes are part of Deco Proteste’s wider commitment to Portuguese consumers, ensuring that their rights are respected and that they have access to fair and transparent information,” the association said in a statement released today, considering that the measures promote “healthy market competition, without subterfuge or hidden themes”.
The first measure presented by Deco Proteste concerns financial literacy, calling for its compulsory inclusion in education and its promotion in companies and public bodies.
The statement points to various tax measures to achieve these goals, such as lowering taxation by 48% on capital gains from the sale of securities such as shares, ETFs and bonds, eliminating the transfer commission on Retirement Savings Plans (PPRs) and increasing the advantages and benefits of these plans.
Similarly, Deco Proteste is calling for a reduction in the tax rate on savings products and the elimination of transfer fees on capital-guaranteed pension funds or a reduction in the tax rate on savings products.
The association is also calling for incentives to be given to Portuguese families to save by exempting them from tax up to a certain amount, and also for the income of state savings products to be reorganized so that they become more attractive and in line with the risk and liquidity of each one.
Deco Proteste also suggests the creation of a simple technical sheet for capitalization insurance – to provide the consumer with a clear summary of the main information in accessible language – and an extension of the capital gains exemption to other products, such as crypto-assets, to promote tax equity.
Finally, the association suggests regulating “aggressive advertising on social networks” by sponsored digital influencers, who often don’t have the proper accreditation from the Portuguese Securities Market Commission (CMVM).
“It is essential to establish stricter rules for influencers, who often act as experts in investment areas,” argues the association, which says that the aggressive advertisements in question promise “quick and high gains in complex financial products”.
