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FINE Gael's Charlie Flanagan has questioned the suitability ofWexford TD Mick Wallace to continue serving in the Dail. Mr Wallace insisted today that he is fit to serve in the Daildespite making false tax declarations to Revenue and landing a€2.1m settlement. The Fine Gael party chairman also called on the Independent TD to clarify hisposition. "Deputy Wallace's admission today that his company's €2.1msettlement with the Revenue Commissioners is unlikely to ever bepaid raises serious questions about Deputy Wallace's suitability toserve as an Oireachtas member," he said. "It sets an alarming precedent when a member of the House admits tohaving knowingly filed an inaccurate VAT return. "The idea that his company - of which he is the only director - isinsolvent, but that he himself remains tax compliant, is playingducks and drakes with the conventions of Leinster House. "I would urge Deputy Wallace to discuss his position with theappropriate authorities." The Wexford deputy knowingly gave wrong information to the taxchiefs to save his failing construction firm. "I acknowledge what I did was wrong but I did it in good faith,"said Mr Wallace. "I really did believe that I would be able to pay the VAT at alater stage." He said he deliberately under-declared VAT owed by the company MJWallace Ltd but hoped to pay it back at a later date, insisting hethought it was the right thing to do at the time. The Independent TD attributed his company's problems to theeconomic crisis, which had become too much for his business in 2008and 2009. "I didn't declare all the VAT I owed because I would have been putout of business there and then," he said. Mr Wallace said he was trying to save his apartment sales companyand the jobs of the 60 people working for him. In an agreement with Revenue, the company was found to haveunder-declared around €1.4ms in VAT. But with interest and penalties piled on, it now owes some€2.1m. Mr Wallace is not personally liable to make the payment. He said itis the company's debt and as it is now insolvent, the bill maynever be settled. When asked if he believes he is still fit to serve in Parliament,the TD told RTE: "I believe I am." The 2.1 million euros settlement will be published on the Revenue'squarterly list of tax defaulters next week. ACC Bank secured a 19.4 million euros judgment against MJ WallaceLtd last November and a receiver was appointed over the company'sassets. Mr Wallace said he has been threatened with bankruptcy a number oftimes over the last year, but insisted he will fight any suchmoves. A TD who is declared bankrupt is required by law to resign from theDail. - Lyndsey Telford. The e-commerce company in China offers quality products such as Iphone 4 FM Transmitters Manufacturer , Iphone 4 Protective Cases Manufacturer, and more. For more , please visit Ipad 2 in 1 Camera Connection Kit today!
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