For those of you who don’t know, RW is the section of the Italian tax return which requires you to declare all assets held overseas, both property and investments. The penalties for failing to declare are extremely punitive, resulting in extreme cases to confiscation of the property itself.
Not surprisingly, the EU feels this is unfair and is reported to be ready to demand that the Italian government tone down the penalty system. It won’t be a quick process for sure, but we’ll keep you posted on what may hopefully bring some relief to over-burdened Italian tax-payers.
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