NetSuite: Set Up Taxes error with Default tax code

While Setting up Taxes in NetSuite under Setup -> Accounting -> “Setup Taxes”, you might encounter errors informing you about missing Default Tax Codes. This is a nightmare to debug if you have 252 Tax Nexuses. The main culprits who tend to have the Default Tax Code missing are.

1. Gibraltar
2. British Indian Ocean Territory
3. United States
4. Canada

Also For United States you may have to set “PRINT/EMAIL TAX LABEL FORMAT” to “{label} ({item} {rate})”