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G OLF RAFFLE ........... 3 ISSUE 11 JULY 2013 www.tesb.org ESB1894 gmail.com (716) 8734455 Facebook.com/ESBoffice On LinkedIn too! P PROFESSIONAL DEVELOPMENT .......... 6 G OLF REGISTRATION DON'T
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GAIW stands for Global Account Tax Compliance Act (GATCA) and refers to the reporting requirements for financial institutions to report information on foreign account holders to the tax authorities.
Financial institutions are required to file GAIW in compliance with the regulations set forth by tax authorities.
GAIW is typically filled out electronically through designated portals provided by tax authorities.
The purpose of GAIW is to prevent tax evasion by providing tax authorities with information on foreign account holders and their financial assets.
Information such as account balances, interest payments, dividends, and other income generated from foreign accounts must be reported on GAIW.
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