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Newly created Tax Rate is not displaying in "Tax Rate Code" LOV in Expense Report Templates

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We have created two new Tax Rates and want to update the Item Master as well as Expense Report Templates Expense Types. However, when proceeding to update the Tax Rate Code in the Expense Report template, the newly created rates are not displayed in the LOV. These rates are included in the X_WEB_EXP_TAX_CLASSIFICATIONS lookup as well.

What could be the reason?

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