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The short answer
Leaving Nigerian assets out of quadro RW carries a penalty of 3% to 15% of the undeclared value, or 6% to 30% for assets in listed tax-haven states, under article 5 of decree-law 167/1990. Correcting it yourself through ravvedimento operoso cuts the penalty to 1/8 of the minimum within a year of the filing deadline, 1/7 within two years and 1/6 after that, according to a 2026 guide. Any unpaid IVAFE carries its own 25% penalty, also reducible.
Many Nigerians in Italy only learn about quadro RW years after arriving, often when a commercialista asks whether they still have accounts at home. The good news is that Italian law rewards people who correct the omission before the Agenzia delle Entrate finds it. The figures below come from a guide published in June 2026 and updated in September 2026; it is a secondary source, so check current amounts with your adviser. This is information, not tax advice.
What should have been declared
Quadro RW is the foreign-asset monitoring section of the Redditi return. Money.it's 2026 guide notes that it must be filled in whenever foreign assets are held, even if no IVAFE is due. For Nigerians that typically means naira and domiciliary accounts, fixed deposits, shares held through a Nigerian stockbroker, RSA questions to raise with an adviser, and property such as a house or land.
The penalty ranges
| Where the asset is | Penalty on undeclared value | Source of rule |
|---|---|---|
| States not on the tax-haven list | 3% to 15% | Art. 5, DL 167/1990 |
| Listed tax-haven states | 6% to 30% | Art. 5, DL 167/1990 |
The guide also says the doubled rates for tax-haven states stay doubled after ravvedimento. Whether Nigeria is on the list is a point to confirm with your adviser rather than assume.
Ravvedimento operoso: correcting it yourself
Ravvedimento operoso, under article 13 of legislative decree 472/1997, lets you correct a mistake and pay a reduced penalty, provided the Agenzia has not already started checks. For RW, the 2026 guide gives:
- Within one year of the return deadline
- Minimum penalty reduced to 1/8
- Within two years
- Reduced to 1/7
- After two years
- Reduced to 1/6
The correction is made by filing a supplementary return (dichiarazione integrativa) and paying the reduced penalty with the F24. The guide notes that the formal assessment period is five years, while some interpretations extend it for tax-haven cases.
Unpaid IVAFE: a separate penalty
If the omitted assets also owed IVAFE, the late payment carries a 25% penalty on the unpaid tax, plus interest. The guide states ravvedimento reductions for this too, but its text and table are not consistent with each other, so ask your adviser for the figure that applies to your dates. Interest income you also failed to declare, for example on a fixed deposit, brings its own penalties, which this guide does not cover.
Worked example (illustrative)
You held €20,000 equivalent in a Nigerian fixed deposit and did not list it in RW. You correct it ten months after the deadline.
- RW penalty at the 3% minimum: €600. Reduced to 1/8: €75.
- If the deposit owed IVAFE at 0.2%: €40 unpaid. Penalty at 25%: €10, before any ravvedimento reduction, plus interest on the €40.
- Correcting after two years instead: €600 reduced to 1/6 is €100.
For comparison, the guide's own example puts a €42,000 holding at €1,260 at 3%, reduced to €157.50 at 1/8.
The Nigerian assets most often missed
Omissions are often not deliberate. Typically they are accounts people forgot they had, or assets they did not think of as "financial":
- A dormant naira salary account from a job before you left, still holding a small balance.
- A domiciliary account opened for one transfer and never closed.
- Shares from a public offer years ago, sitting with a registrar or in a CSCS account.
- A fixed deposit or savings product held through a Nigerian fintech app.
- Land or a house, which belongs in RW and has its own property tax, IVIE (see IVIE on Nigerian property).
- Joint accounts with a spouse or parent, where your share still counts.
Close accounts you no longer need. A closed account still needs reporting for the years it was open, but it stops creating new obligations.
If you hold assets jointly with a relative in Nigeria, gather the account opening papers that show each holder. Your adviser will need to know your share, and the bank's records are the simplest proof of it. Ask Nigerian banks for statements covering each full calendar year you missed, not just the latest month.
Steps to fix it
- List every Nigerian asset for each year missed, with values and dates.
- Work out IVAFE for each year; see how IVAFE is calculated.
- Check whether income from those assets (interest, rent, dividends) was also left out.
- File a dichiarazione integrativa for each year with a commercialista or CAF.
- Pay the reduced penalties, the tax and interest by F24, and keep the receipts.
For what goes in RW in the first place, see Quadro RW for Nigerian investments.
Where Pryme fits
The hardest part of a late correction is reconstructing balances. Keeping naira, euros and dollars in one multicurrency account and downloading statements each year, including verifiable statements through VerifyDoc.ai (receipts), gives your adviser one clean record instead of several.
Questions people ask
What is the penalty for not filling in quadro RW?
Between 3% and 15% of the undeclared value, or 6% to 30% for listed tax-haven states, under article 5 of DL 167/1990.
Can I reduce the RW penalty?
Yes, through ravvedimento operoso: 1/8 of the minimum within a year of the deadline, 1/7 within two years and 1/6 after that, according to a 2026 guide.
Do I owe IVAFE as well as the RW penalty?
If the assets owed IVAFE, the unpaid tax is due with a 25% late payment penalty and interest, which can also be reduced.
How many years back can the Agenzia check RW?
The 2026 guide says the formal period is five years, with some interpretations extending it for tax-haven cases.
Sources
- Fiscoinvestimenti: Quadro RW, sanzioni e ravvedimento 2026 (updated 17 Sep 2026) · accessed Oct 2026
- Money.it: IVAFE 2026, imposta sulle attività finanziarie estere (1 Apr 2026) · 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.