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The following is a quotation from IFRS Framework: A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits. â F.49(b)
Tax Liability. The money one owes to the government in a given year. At its most basic, a tax liability is usually a certain percentage of one's income, and varies according to income. That is, one who makes $100,000 per year usually has a higher tax liability than one who makes $25,000. Different taxable events command different tax liabilities.