INDEPENDENT TD Mick Wallace has come under fire in recent days after he admitting that his construction company MJ Wallace – of which he is the sole director – had under-declared its VAT by around €1.4 million.
Wallace has reached a €2.13 million settlement with the Revenue Commissioners over the matter – however he said yesterday that it was unlikely his company would ever be in a position to pay the settlement.
Wallace said he was not proud his actions, but insisted that he had under-declared VAT in an attempt to save his company and jobs in it, with the expectation of paying the money at a later date.
Although Wallace said he does not intend to resign, he could nevertheless either face bankruptcy action or a criminal prosecution over the matter – both of which would see him lose his Dáil seat.
We would like to know your thoughts: do you think Mick Wallace should resign over the matter?