Vocab Bloom Hub

tax liability

/tæks ˌlaɪəˈbɪlɪti/

1 entry

phrase

/tæks ˌlaɪəˈbɪlɪti/C1formallegal
  • ruОбщая сумма налога, которую физическое лицо, предприятие или другое лицо обязано по закону уплатить налоговому органу, например правительству, на основе дохода, имущества или сделок.

The total amount of tax that an individual, business, or other entity is legally obligated to pay to a taxing authority, such as the government, based on income, property, or transactions.

  1. Legal obligation to pay taxB2formal

    The total amount of tax that an individual, business, or other entity is legally obligated to pay to a taxing authority.

    ruОбязанность по уплате налога

    • The company's tax liability increased due to higher profits.
    • He hired an accountant to calculate his annual tax liability.
    • Failing to pay your tax liability can result in penalties.
  2. Financial responsibility for taxesB2formal

    The financial debt or responsibility for taxes owed, often calculated based on income, property, or sales.

    ruНалоговое обязательство

    • The new law reduced the tax liability for small businesses.
    • She was surprised by her high tax liability this year.
    • Proper deductions can lower your overall tax liability.