A DONEGAL company that leases fishing boats has made a €3.39 million settlement with the Revenue Commissioners arising from the underdeclaration of corporation tax, PRSI and PAYE.

The settlement by O’Shea Fishing Ltd, Fintra Road, Killybegs, is the largest on a quarterly list of tax defaulters published by the Revenue yesterday.

The latest filed accounts for O’Shea Fishing in the Companies Registration Office show it is controlled by Anne and Timothy O’Shea, both of Killybegs.

The accounts show the company had assets worth €6.2 million at the end of September 2010. The company could not be contacted yesterday.

A settlement for €2.133 million for undeclared VAT by the construction company owned by Independent TD Mick Wallace is the second-largest settlement on the list. MJ Wallace Ltd, with an address at Ormond Quay, Dublin, and which is in receivership, made the settlement arising from a Revenue audit, according to the list.

The company underdeclared VAT to a value of €1,418,894, was allocated interest of €289,146 and had penalties of €425,668 imposed on it.

The company was the subject of a €19.4 million judgment in favour of ACC Bank last November and it would appear the Revenue would have known the company was not in a position to pay the settlement at the time it was agreed with Mr Wallace. He told The Irish Times last week the settlement was finalised in February of this year.

He said he was not personally liable for the debt, which arose, he said, following his deliberate decision to file false VAT returns.

Mr Wallace’s company’s settlement is one of 129 on the latest list, which includes settlements with a total value of €29.597 million.

The third-largest settlement is with consultant gynaecologist Dr Ahmed Hussain, with an address in Carrickane, Cavan. He has made a settlement of €1.89 million with the Revenue arising from the underdeclaration of income tax.

Tile supplier and fitter Cyril Whelan, Loughville, Lahinch Road, Ennis, Co Clare, made a €1.16 million settlement arising from the underdeclaration of capital gains tax. Landlord Mary O’Connor, of 89, JKL Street, Edenderry, Co Offaly, made a settlement of €1.04 million arising from the underdeclaration of income tax, VAT and capital acquisitions tax.

* This article was amended on July 2nd, 2012 to clarify an issue.