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English definition of “tax loss”

tax loss

noun [C]    
ACCOUNTING, TAX a situation in which a company or investment loses money in a particular period, so there is no tax to pay on it, and in some cases tax paid on profits in previous periods can be got back: If you make an investment that creates a tax loss, you can then use this loss to reclaim income tax paid previously.
GOVERNMENT, TAX a situation where the government collects less tax than it would have normally collected in a particular period: The fraud resulted in a tax loss to the public purse in excess of £400,000.
(Definition of tax loss noun from the Cambridge Business English Dictionary © Cambridge University Press)
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