Wallace pays just €23k of €2.1m tax bill, but it should be cleared by 2058

Independent TD Mick Wallace has paid back just €23,000 of his €2.1m tax bill to Revenue.

At the current rate of repayments from his €92,000 salary, it will be 2058 and the Wexford TD will be 102, before the tax bill is paid off.

The bankrupt property developer, 57, has said the deductions have been agreed with Revenue, but admitted that, to date, they have amounted to just over 1% of what he owes in under-declared Vat for his firm, M&J Wallace Ltd.

The Revenue settlement includes fines and penalties amounting to €2.1m. Mr Wallace told the Dáil last June he would give up half his salary to pay the bill.

Speaking to the Irish Examiner, he said: “I said I would only take half my wage. That was June last year. In the last four weeks, I had to let them know again. It’s every six months [that the Revenue is informed of his offer].

“I don’t have a whole lot of money in my pocket. But I’m not going hungry, let’s put it like that. I’m not complaining. There’s a lot of people in far worse positions than me, like the new nurses who face much lower pay.”

But Mr Wallace said if his fortunes change, he would be willing to pay back more than the near €46,000 per year agreed.

“Wallace Construction owes the money,” he said.

“I’m not obliged as an individual to pay it back, but I felt I should. If my position changes, I’d do my best to pay more back in the future,” he said.

“I don’t feel good about owing the Revenue money. There’s no PAYE owed, no pensions outstanding. I paid tax for 20 years but the company collapsed financially.”

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