Independent TD MIck Wallace has revealed his construction firm has made a 2.1 million euro settlement with Revenue for the underpayment of VAT.
Deputy Wallace says he knowingly made a false VAT declaration but says he was trying to save his company – MJ Wallace Limited – when he did so.
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 paper, 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 over 1 point 4 million euro.
More than 289 thousand euro in interest was applied, as well as over 425 thousand 6 hundred euro in penalties.
The total is more than 2 point 1 million euro.
Deputy Wallace told the paper 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.
