A Waterford subcontracting company has been fined almost €1 million after being convicted of a massive Value Added Tax fraud.
Cappoquin Civil Engineering Limited failed to appear for the trial at Dublin Circuit Criminal Court today where the jury took just 38 minutes to return guilty verdicts on each of 32 charges against it.
Cappoquin, whose main director is Christy Landers of Dungarvan, made fraudulent returns to the Revenue Commissioners and failed to remit over €775,000 in VAT payments for the years 2002-2004.
The jury heard evidence that the company declared €262,713 in gross sales for the period 2002-2004 and remitted only €32,451 in VAT on that amount.
Dominic McGinn BL, prosecuting, said Cappoquin should have remitted €808,261 in VAT payments on unrecorded gross sales for this period of almost €7 million, leaving a shortfall of €775,810.
Cappoquin was convicted on 13 counts of "knowingly and willfully" making incorrect VAT returns on dates from April 2002 to February 2004; 14 counts of failure to remit VAT payments in that period; three counts of failing to deliver Corporation Tax returns on the relevant dates for 2003 - 2004; and two counts of failing to keep records of all transactions for the years 2002 - 2004.
Judge Desmond Hogan imposed a total of €960,000 in fines.