A clause like the one you describe is fairly common: it just says that if you violate the .it terms and conditions, they can sue you in Italian court.
I would be more worried if there was language indicating that you live in Italy or have an Italian presence. For example, to register a .us domain name, you need to be either a US person or have a substantial connection with the United States. It's still a stretch to imagine that it would have tax consequences, but much more likely than a venue clause in the domain name contract.
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A clause like the one you describe is fairly common: it just says that if you violate the .it terms and conditions, they can sue you in Italian court.
I would be more worried if there was language indicating that you live in Italy or have an Italian presence. For example, to register a .us domain name, you need to be either a US person or have a substantial connection with the United States. It's still a stretch to imagine that it would have tax consequences, but much more likely than a venue clause in the domain name contract.