Creating a tax rate gives the error :This tax rate already exists

As per Doc ID 1610163.1:

When entering a new tax rate, the application will evaluated the data based on the following:

1. Whenever we create TAX RATE at least one of the columns
mentioned below must be different

Tax Rate Code,
Configuration Owner,
Active Flag,
Effective From Date,
Tax Jurisdiction,
Tax Class,
Recovery Type Code

Based on above please check under the same Configuration Owner and confirm you donot have the same tax rate name already created.

In our case, the effective from date is different but the tax rate has been added under a different TAX. However we see the same error.