Meaning of “tax liability” in the English Dictionary

"tax liability" in Business English

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tax liabilitynoun

uk us TAX

[ C ] an amount of tax that a person or business must pay:

The company had to raise €5m to meet a tax liability.
Shareholders may incur a tax liability upon the sale or redemption of shares of a Fund

[ U ] a situation in which tax must be paid on something:

A percentage of approved child care costs can be paid by employers without any tax liability for them or employees.

(Definition of “tax liability” from the Cambridge Business English Dictionary © Cambridge University Press)