TD Wallace reveals €2.1m settlement with Revenue07/06/2012 - 07:50:12
Independent TD Mick Wallace has revealed his construction firm has made a €2.1m settlement with Revenue for the underpayment of VAT.
Deputy Wallace said that he knowingly made a false VAT declaration, but said that he was trying to save his company, MJ Wallace Limited, when he did so.
He stated however that the money is unlikely to be paid in full as it is owed by MJ Wallace Ltd, not him personally, and the company is insolvent.
He has revealed the settlement in an interview with the Irish Times, rather than waiting for it to be revealed in the regular list of defaulters.
According to the newsaper, the settlement arises from the failure of MJ Wallace Limited to make full tax returns on apartment sales over a two-year period.
Under the agreement reached with the Revenue Commissioners, the company was found to have under-declared VAT liabilities on returns by more than €1.4m.
More than €289,000 in interest was applied, as well as more than €425,600 in penalties.
Deputy Wallace told the newspaper that by filling in a false declaration, he was "trying to save the company", and that he thought they would get the money.
The Wexford TD says he thought he "could see light at the end of the tunnel", but he was wrong.
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