The tag says it is from the Compagnia Generale Di Elettricita (the Italian version of “General Electric”) in Milano, Italy.  If it is authentic, it would be one of the earliest Italian upright telephones (1921).  It has a beautiful wooden mouthpiece (chipped and cracked) and a paddele receiver that hangs on the back side of the transmitter. If authentic, it really is a wonderful and very rare old telephone.