A two-piece dispensing closure (20) for removable attachment to a neck (12) of a liquid container (10), the dispensing closure having a molded plastic cap member (22) with an annular skirt (32) that surrounds an upper free end portion of the container neck, a transversely extending top panel portion (26) spanning the annular skirt with an opening (28) positioned centrally thereof, and an annular spout (38) extending axially from the top panel in a direction opposed to the direction of the extent of the annular skirt from the top panel, the annular spout circumscribing the opening in the top panel. A separate, elongate valve member (24) is inserted into the spout of the cap member to be reversibly axially movable relative to the cap member, the valve member having an elongate central portion (40) that defines an annular dispensing passage (38) with an interior of the spout of the cap member and an enlarged grasping projection (42) at a free end of the valve member. The valve member (24) also has an annular extension (50) at an innermost free end thereof, the annular extension having a radial extent greater than the radial extent of an interior of the annular spout, to prevent inadvertent disengagement of the valve member from the cap member upon manual movement of the valve member from an innermost position, where it prevents dispensing of liquid from the container, to an outermost position, where it permits dispensing of liquid from the container.