kryptonite wrote:You're right, it's a madhouse. I think KRA is overstepping its mandate.
The taxman is clearly overstepping his mandate. Whereas the regulator is enhancing compliance to regulations & laws to ensure proper & accuracy of reporting, he is aiming at protecting user of the reported financial statements in their decision making. The same enhanced reporting will aid in critical data to aid in policy formulation.
The taxman seems to only be concerned with revenue on his side and needs to understand what the law & regulations say on banks reporting.
The burden lies with the taxman to proof falsification.