Italy’s tax administration issued a guideline according to which all foreign assets must be reported in Italy, including personal assets (such as vacation homes, yachts, jewelery) that do not generate any foreign income taxable in Italy. The new guideline is part of a general reinforcement of foreign assets reporting rules adopted in connection with the enactment of the new tax shield, which enables taxpayers to declare unreported foreign assets and income and pay a reduced tax (4 percent, increased to 5 percent for disclosure returns filed by February 28 and 6 percent for disclosure returns filed by April 30).…