Ask HN: European country TLD - legal/tax issues?

I just registered a new .it (TLD for Italy) domain name for my startup - incidentally, works great with a verb (stuff.it, eat.it etc). However, the registration process was more involved than your usual .com/.net in that I had to give a passport number (it's limited to EU citizens). More importantly, there was a clause that said the domain would have to fall under Italian law and jurisdiction (or something to that effect). I can't remember the exact wording, but I was wondering whether anyone had any experience and could explain what this meant. Apart from pedantic legalities about what content could be hosted on the domain, would it have any financial effect in terms of tax status/registration? I'd be grateful if anyone could advise.