On 4 July 2025, ETAF replied to the public consultation of the European Commission on its future Recommendation on savings and investment accounts, including their tax treatment, scheduled for publication in Q3 2025.
ETAF supported the Recommendation as a suitable instrument and proposed several simplification measures to enhance retail investor participation in the Capital Markets Union. These include simplifying the investment process for small investors, introducing a common EU-wide denomination for savings and investment accounts and developing user-friendly digital platforms with integrated accessible tax information.
ETAF also advocated for tax incentives — such as exemptions or allowances on interest and capital gains — to make investments more appealing and foster greater capital formation across the EU. Additionally, it recommended harmonising capital gains tax rates for retail investors to ensure consistency.
Finally, ETAF called for strong investor protection framework and clear risk disclosure, ensuring that investors understand and manage their risks within a transparent and fair market environment.
