Not able to create new Tax after upgrade

 Hi,

We upgrade from 11.5.10 to 12.1.3 and are continuting to use STCC model of tax calculation.  The details of the issue are below -

1) Create a New tax under the regime which is created as part of upgrade

2) create a new status

3) create a new rate

We can see the new rate in the Tax classification code LOV but tax is not calculated.  While enabling the 'Make this tax available for transactions' in the tax setup we are getting the below error message

Error

Define either a default tax formula or a tax rule for the rule type: Determine Taxable Basis.

Define either a default tax formula or a tax rule for the rule type: Calculate Tax Amounts.