AI agents for business finance: what they can and can't do
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The short answer
Quadro RW is the section of the Italian Redditi PF return where tax residents declare investments and financial assets held abroad, and where IVIE and IVAFE are worked out. For a Nigerian living in Italy that normally means Nigerian bank and domiciliary accounts, T-bills, bonds, shares, fund units and any house or land. Thresholds and penalties are set in the current year's instructions, which you should check, as we could not open the official text for 2026 when writing.
Quadro RW is the part of the Italian return most Nigerians in Italy hear about late, often from a CAF or commercialista who asks, "do you have anything in Nigeria?" It exists so that the tax authority can monitor foreign holdings, and it is also where the two annual taxes on foreign assets, IVIE and IVAFE, are calculated.
What quadro RW is for
The Agenzia delle Entrate's Redditi PF instructions title the section "investimenti all'estero e/o attività estere di natura finanziaria - monitoraggio - IVIE/IVAFE". In plain terms it does three jobs:
- Monitoring. You list investments and financial assets held abroad that could produce income taxable in Italy.
- IVIE. The tax on foreign property, at 1.06% a year after the 2024 budget law (FiscoeTASSE, 9 Jan 2024).
- IVAFE. The tax on foreign financial assets: a fixed €34.20 for current and savings accounts, 2 per mille for other financial products (FiscoeTASSE).
It is filed with the Redditi PF return. If you normally file a 730, ask your CAF how foreign assets are being declared for you; see modello 730 or Redditi with Nigerian income.
Nigerian assets that normally go in
| Asset | Typical document for value | Annual tax |
|---|---|---|
| Naira or domiciliary account | 31 December bank statement | IVAFE, fixed charge |
| Treasury bills, FGN bonds | Bank or broker holding statement | IVAFE, 2 per mille |
| NGX shares | CSCS statement or broker valuation | IVAFE, 2 per mille |
| Mutual fund units | Fund statement | IVAFE, 2 per mille |
| House, flat or land | Deed of assignment or contract (cost), or valuation | IVIE, 1.06% |
Assets you hold for someone else, or that are held in your name for the family, are a common grey area. Declare what is legally yours, and take advice where the documents say one thing and the family arrangement another.
Thresholds and penalties: check the current instructions
The instructions set out when some small holdings need not be reported for monitoring, how the rules apply to joint holders and beneficial owners, and the penalties for leaving assets out. We could not open the official 2026 instructions or the Agenzia delle Entrate's information pages when writing this guide, so we do not state those figures here. Read the quadro RW section of the current Fascicolo 2 instructions, or ask your adviser to show you the rule that applies to each asset. Omitting a Nigerian asset is not a technicality: penalties can apply even when no tax was due.
Valuing Nigerian assets
- Accounts: the balance at year end, or when the account closed.
- Securities: market value at year end or at disposal; your CSCS statement helps for shares (CSCS's FAQ explains how to get a stock position statement, which needs biometric capture at a CSCS office).
- Property: for a non-EU country such as Nigeria, the cost in the deed or contracts, or else market value.
- Conversion: naira values are converted to euros; record the rate and source you used.
Common Nigerian situations
- Dormant salary account
- Still a foreign account while it exists, even with a small balance. Close it or declare it.
- Family land in a parent's name
- Not yours legally until it is transferred to you; take advice if you paid for it or manage it.
- Joint account with a sibling in Nigeria
- Your share is what you declare; keep the account terms showing the holders.
- Retirement Savings Account (RSA) with a Nigerian PFA
- How a Nigerian pension account is treated is a specialist point; ask your adviser before deciding.
- Plot bought in instalments
- Ask when ownership passed under your contract and keep the payment schedule.
Fixing past years
If you have held Nigerian assets for years without declaring them, ask your commercialista how to correct past returns voluntarily before the authority contacts you, and what that would cost compared with doing nothing. Bring every statement you can find; Nigerian banks can supply historic statements, but it takes time from abroad. This is information, not tax or legal advice.
A January checklist
- List every Nigerian account, including dormant ones and domiciliary accounts.
- Download 31 December statements; request them early, as Nigerian banks can be slow to send statements abroad.
- Get holding statements for bills, bonds, funds, and a CSCS statement for shares.
- Find the deed or contract for each property, or arrange a valuation.
- Note any purchase, sale, inheritance or closure during the year, with dates.
The detail on each tax is in IVIE on a house in Nigeria and IVAFE on Nigerian accounts and investments.
Where Pryme fits
Pryme accounts give downloadable statements and verifiable statements through Pryme receipts with VerifyDoc.ai, which make the year-end paperwork easier. Ask your adviser how an account held outside Italy, including a Pryme account, should be shown in quadro RW. See how Pryme works.
Questions people ask
Do I have to declare my Nigerian bank account in Italy?
If you are an Italian tax resident, foreign accounts are generally declared in quadro RW, where IVAFE is also calculated. Check the current instructions for any small-balance rule.
Do I declare land in Nigeria in quadro RW?
Yes, foreign property is declared there and IVIE is worked out on it, at 1.06% after the 2024 budget law.
What is the penalty for not filling quadro RW?
Penalties apply for omitted assets even when no tax is due. The rates are in the current instructions; ask your commercialista about voluntary correction.
Can I file quadro RW with the 730?
Ask your CAF. Quadro RW belongs to the Redditi PF return, so foreign assets need specific handling.
Sources
- Agenzia delle Entrate: Redditi PF 2024, Fascicolo 2 instructions (draft, tax year 2023) · accessed Oct 2026
- FiscoeTASSE: Ritoccate le patrimoniali, aumentano Ivie e Ivafe (9 Jan 2024) · accessed Oct 2026
- CSCS: Frequently asked questions · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.