Italy – Government Reinstates EUR 10,000 Threshold for Reporting Foreign Assets

Italy – Government Reinstates EUR 10,000 Threshol...

A new Italian Law Decree reintroduces a EUR 10,000 minimum reporting requirement for the financial asset reporting system (Form RW of the Italian Tax Return) with some important qualifications. For 2013 and subsequent years, the reporting exemption applies only to foreign bank deposits and current accounts in which the total balance did not exceed EUR 10,000 for any part of the year. The exemption does not apply to any other types of foreign assets.

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