Shamed TD Mick Wallace will not face prosecution after under-declaring €1.4m of VAT in his construction company M&J Wallace.
The corporate enforcement watchdog has decided not to investigate the tax-dodging politician's company, claiming that the VAT returns of companies were 'a matter for the Revenue Commissioners'. However, Revenue have already made a €2.1m settlement with M&J Wallace, meaning the Wexford TD is likely to escape punishment.
When the tax scandal was made public in June, Wallace said he would give up half of his Dáil salary in order to repay the Revenue. There is little chance of this happening, however, as the tax cheat would need to serve as a backbencher for another 87 years in order to pay the €2.1m owed.
The only other sanction that Wallace is now facing is a motion of censure - basically an expression of disapproval - in the Dáil. So the disgraced TD is free to keep his seat for the Wexford constituency as well as his whopping €92,000 salary.
Happy days for Wallace, so.
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