The amount in taxes a taxpayer to the government. Bloomberg Financial Dictionary
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Supplies may be standard rated, zero rated, reduced rate or exempt. This is their VAT liability. If supplies are neither zero rated nor exempt, they must be liable to VAT at the standard or reduced rate. HM Customs & Revenue Glossary
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tax liability UK US noun 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.
Financial and business terms. 2012.