Italy MOF Clarifies Penalties for Failure to Report Foreign Investments

The Italian Ministry of Economy and Finance June 1 posted online Tax Court Judgment No. 10/2026, clarifying penalties for failure to report foreign investments. The taxpayers, two individuals, failed to file the form on fiscal monitoring of foreign assets. The Revenue Agency made assessments and increased the penalties by 50 percent and an additional 25 percent, under Legislative Decree No. 472/1997. On appeal, the First Instance Tax Court of Bolzano found that: 1) because the failure to file was for several consecutive years, the penalty for the most serious violation could be increased by an amount ranging from 50 percent ...