The Italian Supreme Court recently issued two decisions regarding the eligibility of taxpayers to claim a foreign tax credit in cases where the relevant income was not properly reported in the income tax return. Both cases involved individual taxpayers who sought to apply the voluntary disclosure procedure introduced in 2015 for undeclared foreign-sourced income. As a result, foreign-sourced income from Brazil and Portugal was disclosed and assessments were issued. Further, because the foreign-sourced income had not been properly reported in the relevant tax returns, the Italian Revenue Agency denied claims for foreign tax credits for the foreign taxes paid on...