Taxes Payable

What is Taxes Payable?

Taxes payable is a current liability shown in the balance sheet of a business. The amount includes all tax due by the business within 12 months of the balance sheet date.

Tax payable represents the balance outstanding for the tax charge based on the net income of the business for the accounting period.

For further information on a tax payable see the Wikipedia definition.

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Last modified March 23rd, 2016 by Team

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