The figure eclipses the $6.7 million sum Chelsea had to pay Manchester City in 2009 for forward Daniel Sturridge - coincidentally now also at Anfield - although add-on clauses took the England international's eventual cost to $15.9 million.
Liverpool have also announced they will pay a further $2.87 million in add-ons in accordance with the Professional Football Compensation Committee's ruling while Press Association Sport understands there is a 20 per cent cut due to Burnley on any future profit should the club sell the player.
Ings allowed his contract to run down with the Clarets last season before moving to Anfield in the northern summer.
Liverpool offered $11.49 million for the player as Burnley were entitled to compensation, with Ings under 23 years old at the time.
That was rejected as the Clarets, after a reported $22.99 million bid from Tottenham Hotspur, valued the player in excess of $19.16 million.
"Liverpool Football Club would like to thank the PFCC panel for their time and diligence in deciding this matter," a club statement read.
"We believe the process was conducted fairly and we respect the outcome.
"We are pleased for Danny Ings, in particular, that this chapter is now complete and he can look forward to a long and successful career at Liverpool."
Ings has played just eight matches for Liverpool, scoring three goals, after sustaining a cruciate knee ligament injury in his first week back training with the club having made his England debut against Lithuania on 12 October.
That meant the 23-year-old has yet to make an appearance under manager Jurgen Klopp, who took over from Brendan Rodgers during the October international break, but is set to resume training in the coming days.
Burnley chief executive David Baldwin said: "We acknowledge and accept the tribunal's decision.
"We feel we must reiterate this is an unprecedented record payment for training compensation and not a transfer fee.
"As the initial fee decided by the committee represents almost double the previous record for a tribunal, this fully justifies our decision to press ahead with what we felt was a fair reflection of the part Burnley Football Club played in Danny's development."
