tax liability
Definition
Debt to a government incurred by a tax payer as accrued or assessed taxes. Tax liability is shown as a short-term liability in financial statements, and takes precedence over all other liabilities.
tax liability is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
tax liability appears in the definitions of the following terms:
interim statement,
tax return,
tax avoidance,
beneficial owner,
tax base,
capital loss,
tax planning,
nominee,
tax year,
net tax liability
and
tax liability appears in these other term: deferred income tax liability
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