People are notified but that’s hardly going to stop someone seeking to upset you as in the example scenario.
Though as I understand the press can do mass lookups with no notification. Don’t you find that disparity concerning? The idea that the government gets to decide what counts as ‘press’ is already something people from countries that don’t operate that way would consider objectionable. Let alone giving them the power to decide who should be 'outed' for their tax affairs.
To be fair, that's perhaps more an issue of this particular implementation, rather than fundamental. But it's an example of how it can be used to entrench the establishment.