Waterford firm fined almost €1m for VAT fraud

A Waterford subcontracting company has been fined almost €1 million after being convicted of a VAT fraud involving over €800,000.

Cappoquin Civil Engineering Limited failed to appear for the trial at Dublin Circuit Criminal Court where the jury took just 38 minutes to return guilty verdicts on each of 32 charges against it.

Cappoquin made fraudulent returns to the Revenue Commissioners and failed to remit over €775,000 in VAT payments for the years 2002-2004, the court heard.

The jury heard evidence that the company declared €262,713 in gross sales for the period 2002-2004 and remitted only €32,451 in VAT on that amount.

Mr Dominic McGinn BL, prosecuting, said Cappoquin should have remitted €808,261in VAT payments on unrecorded gross sales for this period of almost €7 million, leaving a shortfall of €775,810.

Judge Desmond Hogan imposed a total of €960,000 in fines.