tax loss
noun [C]Definition
› 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)
Browse the Thesaurus
Our dictionaries
Browse the Dictionary
Word of the Day
Blog
Read our blog about how the English language behaves.
New Words
Find words and meanings that have just started to be used in English, and let us know what you think of them.
