Mick Wallace looks set to escape prosecution over his tax affairs – and will keep his Dail seat – according to reports.

The Wexford TD admitted to under-declaring VAT in his construction company to the tune of €1.4 million.

But the Irish Independent reports that the Director of Corporate Enforcement has decided not to investigate the matter.

Paul Appleby – who’s retiring at the end of this month said the matter was one for the Revenue Commissioners.

Revenue has already opted to make a settlement with Deputy Wallace.