tax liability

tax liability
The amount in taxes a taxpayer to the government. Bloomberg Financial Dictionary
Supplies may be standard rated, zero rated, reduced rate or exempt. This is their VAT liability. If supplies are neither zero rated nor exempt, they must be liable to VAT at the standard or reduced rate. HM Customs & Revenue Glossary

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tax liability tax liability liability

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tax liability UK US noun TAX
[C] an amount of tax that a person or business must pay: »

The company had to raise €5m to meet a tax liability.


Shareholders may incur a tax liability upon the sale or redemption of shares of a Fund

[U] a situation in which tax must be paid on something: »

A percentage of approved child care costs can be paid by employers without any tax liability for them or employees.

Financial and business terms. 2012.

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Look at other dictionaries:

  • Tax Liability — The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event s tax base. Taxable… …   Investment dictionary

  • tax liability — The amount which a taxpayer owes under the tax law after properly computing gross income and deductions, using the appropriate tax rate and subtracting any applicable tax credits …   Black's law dictionary

  • tax liability — noun the amount of tax owed; calculated by applying the tax rate to the tax base • Hypernyms: ↑liabilities …   Useful english dictionary

  • Deferred Tax Liability — An account on a company s balance sheet that is a result of temporary differences between the company s accounting and tax carrying values, the anticipated and enacted income tax rate, and estimated taxes payable for the current year. This… …   Investment dictionary

  • Tax-free shopping — refers to the opportunity for customers to purchase goods or services without paying any tax normally collected at retail, such as sales tax, Goods and Services Tax, value added tax, or consumption tax.Tax free shopping in the United StatesTax… …   Wikipedia

  • Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… …   Wikipedia

  • Tax compliance solutions — Tax compliance solution is a generic term used to describe the available softwares to perform tax compliance for income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, etc. The solution automatically calculates your complete… …   Wikipedia

  • tax credit — n: an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income compare exemption Merriam Webster’s Dictionary of Law. Merriam Webster.… …   Law dictionary

  • tax avoidance — legally reducing tax liability. Tax planning is the activity by which a taxpayer seeks to arrange his affairs so that his tax liability is minimised; avoidance of tax within the limits of tax law is perfectly legitimate; tax evasion is the… …   Law dictionary

  • Tax forms in the United States — are used by taxpayers and tax exempt organizations to report financial information to the Internal Revenue Service (IRS). They are used to report income and calculate taxes owed to the government of the United States. TOC Federal tax forms 990… …   Wikipedia

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