I don't think my reply went through a few minutes ago, but to make it short, and I'm really stretching this, this looks like it could be an early attempt for float flying by Polaris prior to the FIB (flying inflatable boat). It definitely looks Italian.
Flyboy you are correct, it is a Polaris Flying Dingy. This was the original design by Doi Malingri and his engineers in Italy. Unfortunately it was not as stable as they wanted so they moved on to what we all know as the FIB or Flying Boat.
I will be sending you an official Air Hogg prize soon.