87 Years Needed For Wallace To Repay Tax Bill

Shamed Wexford TD Mick Wallace has said, after a week of public outrage over his company's non-payment of the tax bill, he would give up half of his Dail salary.

This mean it would take him 87 years as a backbencher to repay his €2.1m tax bill.

The Wexford TD however did not give the go-ahead to Revenue to discuss his company's tax affairs in public.

Documents from the Revenue had raised questions about whether he had made the disclosure on the failure to pay VAT himself, or if he did it after the Revenue came to audit his firm. He insisted again last night he had disclosed it first to the Revenue.

During his 10-minute speech in the Dail, he apologised to the public, his fellow TDs and to his constituents in Wexford for his "error of judgment" in not handing over the VAT.

"The company understated its VAT liability and we were wrong to do so. I want to apologise and say 'sorry' to all the people who expected more from me," he said.

Looking at the figures it is obvious that there is no possibility of Mr Wallace being able to pay back the €2.1m in full using half his Dail salary.

His €92,000 salary reduces to €48,000 when tax and the pension levy are taken into account, so the most he can repay to the Revenue is €24,000 annually. And to keep paying, he would have to seek re-election.

(H)