diff --git a/erpnext/patches/v12_0/move_item_tax_to_item_tax_template.py b/erpnext/patches/v12_0/move_item_tax_to_item_tax_template.py
index c658dde57c5..35354dade75 100644
--- a/erpnext/patches/v12_0/move_item_tax_to_item_tax_template.py
+++ b/erpnext/patches/v12_0/move_item_tax_to_item_tax_template.py
@@ -113,6 +113,7 @@ def get_item_tax_template(
 	# if no item tax template found, create one
 	item_tax_template = frappe.new_doc("Item Tax Template")
 	item_tax_template.title = make_autoname("Item Tax Template-.####")
+	item_tax_template_name = item_tax_template.title
 
 	for tax_type, tax_rate in iteritems(item_tax_map):
 		account_details = frappe.db.get_value(
@@ -120,6 +121,10 @@ def get_item_tax_template(
 		)
 		if account_details:
 			item_tax_template.company = account_details.company
+			if not item_tax_template_name:
+				# set name once company is set as name is generated from company & title
+				# setting name is required to update `item_tax_templates` dict
+				item_tax_template_name = item_tax_template.set_new_name()
 			if account_details.account_type not in (
 				"Tax",
 				"Chargeable",
@@ -179,8 +184,9 @@ def get_item_tax_template(
 			if tax_type not in tax_types:
 				item_tax_template.append("taxes", {"tax_type": tax_type, "tax_rate": tax_rate})
 				tax_types.append(tax_type)
-			item_tax_templates.setdefault(item_tax_template.title, {})
-			item_tax_templates[item_tax_template.title][tax_type] = tax_rate
+			item_tax_templates.setdefault(item_tax_template_name, {})
+			item_tax_templates[item_tax_template_name][tax_type] = tax_rate
+
 	if item_tax_template.get("taxes"):
 		item_tax_template.save()
 		return item_tax_template.name