From Longman Business Dictionarytax liabilityˈtax liaˌbility [countable]ACCOUNTINGTAX an amount of tax that a person or organization must payNo debts remained outstanding, apart from a tax liability in excess of £500,000. → liabilitytax liabilityˈtax liaˌbility [uncountable]LAWTAX the state of having to pay an amount of taxThe current system bases tax liability on the form of income rather than the amount. → liability
