A Donegal company that leases fishing boats has made a €3.39 million settlement with the Revenue Commissioners arising from the underdeclaration of corporation tax, PRSI, and PAYE.
The settlement by O'Shea Fishing Ltd, Fintra Road, Killybegs, is the largest on a quarterly list of tax defaulters published by the Revenue today.
A settlement for €2.133 million for undeclared VAT by the construction company owned by independent TD Mick Wallace is the second largest settlement on the list.
M J Wallace Ltd, with an address at Ormond Quay, Dublin, and which is in receivership, made the settlement arising from a Revenue audit, according to the list.
The company underdeclared VAT to a value of €1.418,894, was allocated interest of €289,146 and had penalties of €425,668 imposed on it.
The company was the subject of a €19.4 million judgement in favour of ACC Bank last November and it would appear the Revenue would have known the company was not in a position to pay the settlement at the time it was agreed with Mr Wallace. He told The Irish Times last week the settlement was finalised in February of this year. He also said he was not personally liable for the debt, which arose, he said, following his deliberate decision to file false VAT returns.
The last set of accounts filed for the company was for the year to the end of August 2008 and showed Mr Wallace and his fellow director had their income doubled, to €289,605, even though the company was reporting a loss of €2.7 million.
Mr Wallace's company's settlement is one of 129 on the latest list, which includes settlements with a total value of €29,597 million.
The next largest settlement is by consultant gynaecologist Dr Ahmed Hussain, with an address in Carrickkane, Cavan. He has made a settlement of €1.89 million with the Revenue Commissioners arising from the underdeclaration of income tax.
A supplier and fitter of wall and floor tiles, Cyril Whelan, of Loughville, Lahinch Road, Ennis, Co Clare, made a €1.16 million settlement arising from the underdeclaration of Capital Gains Tax.
Landlord Mary O'Connor, with an address at 89, JKL Street, Edenderry, Co Offaly, made a settlement of €1.04 million arising from the underdeclaration of income tax, VAT and capital acquisitions tax.
