Meaning of “tax loss” in the English Dictionary

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"tax loss" in Business English

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tax lossnoun [ C ]

uk us

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” from the Cambridge Business English Dictionary © Cambridge University Press)