tax liability

tax liability definition - finance
A bill that is owed to a government for taxes. The taxes may be income, property, or a variety of other taxes. If tax liabilities are not paid, a lien can be placed on the assets until payment is received.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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