diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 819ba78..d3021ba 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -17,6 +17,7 @@
 from past.builtins import cmp
 import functools
 from erpnext.accounts.doctype.account.account import get_account_currency
+from erpnext.setup.setup_wizard.operations.taxes_setup import setup_taxes_and_charges
 
 class Company(NestedSet):
 	nsm_parent_field = 'parent_company'
@@ -67,11 +68,7 @@
 			frappe.throw(_("Abbreviation already used for another company"))
 
 	def create_default_tax_template(self):
-		from erpnext.setup.setup_wizard.operations.taxes_setup import create_sales_tax
-		create_sales_tax({
-			'country': self.country,
-			'company_name': self.name
-		})
+		setup_taxes_and_charges(self.name, self.country)
 
 	def validate_default_accounts(self):
 		accounts = [
diff --git a/erpnext/setup/setup_wizard/data/country_wise_tax.json b/erpnext/setup/setup_wizard/data/country_wise_tax.json
index beddaee..9ccbdb9 100644
--- a/erpnext/setup/setup_wizard/data/country_wise_tax.json
+++ b/erpnext/setup/setup_wizard/data/country_wise_tax.json
@@ -481,14 +481,230 @@
 	},
 
 	"Germany": {
-		"Germany VAT 19%": {
-			"account_name": "VAT 19%",
-			"tax_rate": 19.00,
-			"default": 1
-		},
-		"Germany VAT 7%": {
-			"account_name": "VAT 7%",
-			"tax_rate": 7.00
+		"chart_of_accounts": {
+			"SKR04 mit Kontonummern": {
+				"sales_tax_templates": [
+					{
+						"title": "Umsatzsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 19%",
+								"account_number": "3806",
+								"rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Umsatzsteuer 7%",
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 7%",
+								"account_number": "3801",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				],
+				"purchase_tax_templates": [
+					{
+						"title": "Abziehbare Vorsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 19%",
+								"account_number": "1406",
+								"root_type": "Asset",
+								"tax_rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Abziehbare Vorsteuer 7%",
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 7%",
+								"account_number": "1401",
+								"root_type": "Asset",
+								"tax_rate": 7.00
+							}
+						]
+					},
+					{
+						"title": "Innergemeinschaftlicher Erwerb 19% Umsatzsteuer und 19% Vorsteuer",
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer nach § 13b UStG 19%",
+								"account_number": "1407",
+								"root_type": "Asset",
+								"tax_rate": 19.00,
+								"add_deduct_tax": "Add"
+							},
+							{
+								"account_name": "Umsatzsteuer nach § 13b UStG 19%",
+								"account_number": "3837",
+								"root_type": "Liability",
+								"tax_rate": 19.00,
+								"add_deduct_tax": "Deduct"
+							}
+						]
+					}
+				]
+			},
+			"SKR03 mit Kontonummern": {
+				"sales_tax_templates": [
+					{
+						"title": "Umsatzsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 19%",
+								"account_number": "1776",
+								"rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Umsatzsteuer 7%",
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 7%",
+								"account_number": "1771",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				],
+				"purchase_tax_templates": [
+					{
+						"title": "Abziehbare Vorsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 19%",
+								"account_number": "1576",
+								"root_type": "Asset",
+								"tax_rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Abziehbare Vorsteuer 7%",
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 7%",
+								"account_number": "1571",
+								"root_type": "Asset",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				]
+			},
+			"Standard with Numbers": {
+				"sales_tax_templates": [
+					{
+						"title": "Umsatzsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 19%",
+								"account_number": "2301",
+								"rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Umsatzsteuer 7%",
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 7%",
+								"account_number": "2302",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				],
+				"purchase_tax_templates": [
+					{
+						"title": "Abziehbare Vorsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 19%",
+								"account_number": "1501",
+								"root_type": "Asset",
+								"tax_rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Abziehbare Vorsteuer 7%",
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 7%",
+								"account_number": "1502",
+								"root_type": "Asset",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				]
+			},
+			"*": {
+				"sales_tax_templates": [
+					{
+						"title": "Umsatzsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 19%",
+								"rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Umsatzsteuer 7%",
+						"accounts": [
+							{
+								"type": "On Net Total",
+								"account_name": "Umsatzsteuer 7%",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				],
+				"purchase_tax_templates": [
+					{
+						"title": "Abziehbare Vorsteuer 19%",
+						"is_default": 1,
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 19%",
+								"root_type": "Asset",
+								"tax_rate": 19.00
+							}
+						]
+					},
+					{
+						"title": "Abziehbare Vorsteuer 7%",
+						"accounts": [
+							{
+								"account_name": "Abziehbare Vorsteuer 7%",
+								"root_type": "Asset",
+								"tax_rate": 7.00
+							}
+						]
+					}
+				]
+			}
 		}
 	},
 
@@ -580,26 +796,61 @@
 	},
 
 	"India": {
-		"In State GST": {
-			"account_name": ["SGST", "CGST"],
-			"tax_rate": [9.00, 9.00],
-			"default": 1
-		},
-		"Out of State GST": {
-			"account_name": "IGST",
-			"tax_rate": 18.00
-		},
-		"VAT 5%": {
-			"account_name": "VAT 5%",
-			"tax_rate": 5.00
-		},
-		"VAT 4%": {
-			"account_name": "VAT 4%",
-			"tax_rate": 4.00
-		},
-		"VAT 14%": {
-			"account_name": "VAT 14%",
-			"tax_rate": 14.00
+		"chart_of_accounts": {
+			"*": {
+				"*": [
+					{
+						"title": "In State GST",
+						"is_default": 1,
+						"accounts": [
+							{
+								"account_name": "SGST",
+								"tax_rate": 9.00
+							},
+							{
+								"account_name": "CGST",
+								"tax_rate": 9.00
+							}
+						]
+					},
+					{
+						"title": "Out of State GST",
+						"accounts": [
+							{
+								"account_name": "IGST",
+								"tax_rate": 18.00
+							}
+						]
+					},
+					{
+						"title": "VAT 5%",
+						"accounts": [
+							{
+								"account_name": "VAT 5%",
+								"tax_rate": 5.00
+							}
+						]
+					},
+					{
+						"title": "VAT 4%",
+						"accounts": [
+							{
+								"account_name": "VAT 4%",
+								"tax_rate": 4.00
+							}
+						]
+					},
+					{
+						"title": "VAT 14%",
+						"accounts": [
+							{
+								"account_name": "VAT 14%",
+								"tax_rate": 14.00
+							}
+						]
+					}
+				]
+			}
 		}
 	},
 
diff --git a/erpnext/setup/setup_wizard/operations/taxes_setup.py b/erpnext/setup/setup_wizard/operations/taxes_setup.py
index c3c1593..81506c4 100644
--- a/erpnext/setup/setup_wizard/operations/taxes_setup.py
+++ b/erpnext/setup/setup_wizard/operations/taxes_setup.py
@@ -1,123 +1,257 @@
-# Copyright (c) 2015, Frappe Technologies Pvt. Ltd. and Contributors
+# Copyright (c) 2021, Frappe Technologies Pvt. Ltd. and Contributors
 # License: GNU General Public License v3. See license.txt
 
 from __future__ import unicode_literals
-import frappe, copy, os, json
-from frappe.utils import flt
-from erpnext.accounts.doctype.account.account import RootNotEditable
 
-def create_sales_tax(args):
-	country_wise_tax = get_country_wise_tax(args.get("country"))
-	if country_wise_tax and len(country_wise_tax) > 0:
-		for sales_tax, tax_data in country_wise_tax.items():
-			make_tax_account_and_template(
-				args.get("company_name"),
-				tax_data.get('account_name'),
-				tax_data.get('tax_rate'), sales_tax)
+import os
+import json
 
-def make_tax_account_and_template(company, account_name, tax_rate, template_name=None):
-	if not isinstance(account_name, (list, tuple)):
-		account_name = [account_name]
-		tax_rate = [tax_rate]
+import frappe
+from frappe import _
 
-	accounts = []
-	for i, name in enumerate(account_name):
-		tax_account = make_tax_account(company, account_name[i], tax_rate[i])
-		if tax_account:
-			accounts.append(tax_account)
 
-	try:
-		if accounts:
-			make_sales_and_purchase_tax_templates(accounts, template_name)
-			make_item_tax_templates(accounts, template_name)
-	except frappe.NameError:
-		if frappe.message_log: frappe.message_log.pop()
-	except RootNotEditable:
-		pass
+def setup_taxes_and_charges(company_name: str, country: str):
+	file_path = os.path.join(os.path.dirname(__file__), '..', 'data', 'country_wise_tax.json')
+	with open(file_path, 'r') as json_file:
+		tax_data = json.load(json_file)
 
-def make_tax_account(company, account_name, tax_rate):
-	tax_group = get_tax_account_group(company)
-	if tax_group:
-		try:
-			return frappe.get_doc({
-				"doctype":"Account",
-				"company": company,
-				"parent_account": tax_group,
-				"account_name": account_name,
-				"is_group": 0,
-				"report_type": "Balance Sheet",
-				"root_type": "Liability",
-				"account_type": "Tax",
-				"tax_rate": flt(tax_rate) if tax_rate else None
-			}).insert(ignore_permissions=True, ignore_mandatory=True)
-		except frappe.NameError:
-			if frappe.message_log: frappe.message_log.pop()
-			abbr = frappe.get_cached_value('Company',  company,  'abbr')
-			account = '{0} - {1}'.format(account_name, abbr)
-			return frappe.get_doc('Account', account)
+	country_wise_tax = tax_data.get(country)
 
-def make_sales_and_purchase_tax_templates(accounts, template_name=None):
-	if not template_name:
-		template_name = accounts[0].name
+	if country_wise_tax:
+		if 'chart_of_accounts' in country_wise_tax:
+			from_detailed_data(company_name, country_wise_tax.get('chart_of_accounts'))
+		else:
+			from_simple_data(company_name, country_wise_tax)
 
-	sales_tax_template = {
-		"doctype": "Sales Taxes and Charges Template",
-		"title": template_name,
-		"company": accounts[0].company,
-		'taxes': []
+
+def from_detailed_data(company_name, data):
+	"""
+	Create Taxes and Charges Templates from detailed data like this:
+
+	{
+		"chart_of_accounts": {
+			coa_name: {
+				"sales_tax_templates": [
+					{
+						'title': '',
+						'is_default': 1,
+						'accounts': [
+							{
+								'account_name': '',
+								'account_number': '',
+								'root_type': '',
+							}
+						]
+					}
+				],
+				"purchase_tax_templates": [ ... ],
+				"item_tax_templates": [ ... ],
+				"*": [ ... ]
+			}
+		}
 	}
+	"""
+	coa_name = frappe.db.get_value('Company', company_name, 'chart_of_accounts')
+	tax_templates = data.get(coa_name) or data.get('*')
+	sales_tax_templates = tax_templates.get('sales_tax_templates') or tax_templates.get('*')
+	purchase_tax_templates = tax_templates.get('purchase_tax_templates') or tax_templates.get('*')
+	item_tax_templates = tax_templates.get('item_tax_templates') or tax_templates.get('*')
+
+	if sales_tax_templates:
+		for template in sales_tax_templates:
+			make_tax_template(company_name, 'Sales Taxes and Charges Template', template)
+
+	if purchase_tax_templates:
+		for template in purchase_tax_templates:
+			make_tax_template(company_name, 'Purchase Taxes and Charges Template', template)
+
+	if item_tax_templates:
+		for template in item_tax_templates:
+			make_item_tax_template(company_name, template)
+
+
+def from_simple_data(company_name, data):
+	"""
+	Create Taxes and Charges Templates from simple data like this:
+
+	"Austria Tax": {
+		"account_name": "VAT",
+		"tax_rate": 20.00
+	}
+	"""
+	for template_name, tax_data in data.items():
+		template = {
+			'title': template_name,
+			'is_default': tax_data.get('default'),
+			'accounts': [
+				{
+					'account_name': tax_data.get('account_name'),
+					'tax_rate': tax_data.get('tax_rate')
+				}
+			]
+		}
+		make_tax_template(company_name, 'Sales Taxes and Charges Template', template)
+		make_tax_template(company_name, 'Purchase Taxes and Charges Template', template)
+		make_item_tax_template(company_name, template)
+
+
+def make_tax_template(company_name, doctype, template):
+	if frappe.db.exists(doctype, {'title': template.get('title'), 'company': company_name}):
+		return
+
+	accounts = get_or_create_accounts(company_name, template.get('accounts'))
+
+	# Get all fields of the Taxes and Charges Template
+	tax_template = {'doctype': doctype}
+	tax_template_fields = frappe.get_meta(doctype).fields
+	tax_template_fieldnames = [field.fieldname for field in tax_template_fields]
+
+	# Get all fields of the taxes child table
+	table_doctype = [field.options for field in tax_template_fields if field.fieldname=='taxes'][0]
+	table_fields = frappe.get_meta(table_doctype).fields
+	table_field_names = [field.fieldname for field in table_fields]
+
+	# Check if field exists as a key in the import data and, if yes, set the
+	# value accordingly
+	for field in tax_template_fieldnames:
+		if field in template:
+			tax_template[field] = template.get(field)
+
+	# However, company always fixed and taxes table must be empty to start with
+	tax_template['company'] = company_name
+	tax_template['taxes'] = []
 
 	for account in accounts:
-		sales_tax_template['taxes'].append({
-			"category": "Total",
-			"charge_type": "On Net Total",
-			"account_head": account.name,
-			"description": "{0} @ {1}".format(account.account_name, account.tax_rate),
-			"rate": account.tax_rate
-		})
-	# Sales
-	frappe.get_doc(copy.deepcopy(sales_tax_template)).insert(ignore_permissions=True)
+		row = {
+			'category': 'Total',
+			'charge_type': 'On Net Total',
+			'account_head': account.get('name'),
+			'description': '{0} @ {1}'.format(account.get('account_name'), account.get('tax_rate')),
+			'rate': account.get('tax_rate')
+		}
+		# Check if field exists as a key in the import data and, if yes, set the
+		# value accordingly
+		for field in table_field_names:
+			if field in account:
+				row[field] = account.get(field)
 
-	# Purchase
-	purchase_tax_template = copy.deepcopy(sales_tax_template)
-	purchase_tax_template["doctype"] = "Purchase Taxes and Charges Template"
+		tax_template['taxes'].append(row)
 
-	doc = frappe.get_doc(purchase_tax_template)
-	doc.insert(ignore_permissions=True)
+	return frappe.get_doc(tax_template).insert(ignore_permissions=True)
 
-def make_item_tax_templates(accounts, template_name=None):
-	if not template_name:
-		template_name = accounts[0].name
+
+def make_item_tax_template(company_name, template):
+	"""Create an Item Tax Template.
+
+	This requires a separate method because Item Tax Template is structured
+	differently from Sales and Purchase Tax Templates.
+	"""
+	doctype = 'Item Tax Template'
+	if frappe.db.exists(doctype, {'title': template.get('title'), 'company': company_name}):
+		return
+
+	accounts = get_or_create_accounts(company_name, template.get('accounts'))
 
 	item_tax_template = {
-		"doctype": "Item Tax Template",
-		"title": template_name,
-		"company": accounts[0].company,
-		'taxes': []
+		'doctype': doctype,
+		'title': template.get('title'),
+		'company': company_name,
+		'taxes': [{
+			'tax_type': account.get('name'),
+			'tax_rate': account.get('tax_rate')
+		} for account in accounts]
 	}
 
+	return frappe.get_doc(item_tax_template).insert(ignore_permissions=True)
 
-	for account in accounts:
-		item_tax_template['taxes'].append({
-			"tax_type": account.name,
-			"tax_rate": account.tax_rate
-		})
 
-	# Items
-	frappe.get_doc(copy.deepcopy(item_tax_template)).insert(ignore_permissions=True)
+def get_or_create_accounts(company: str, account_data: list):
+	for account in account_data:
+		if 'creation' in account:
+			# Hack to check if account already contains a real Account doc
+			# or just the attibutes from country_wise_tax.json
+			continue
 
-def get_tax_account_group(company):
-	tax_group = frappe.db.get_value("Account",
-		{"account_name": "Duties and Taxes", "is_group": 1, "company": company})
-	if not tax_group:
-		tax_group = frappe.db.get_value("Account", {"is_group": 1, "root_type": "Liability",
-				"account_type": "Tax", "company": company})
+		# tax_rate should survive the following lines because it might not be
+		# specified in an existing account or different rates might get booked
+		# onto the same account.
+		tax_rate = account.get('tax_rate')
+		doc = get_or_create_account(company, account)
+		account.update(doc.as_dict())
+		account['tax_rate'] = tax_rate
+
+	return account_data
+
+
+def get_or_create_account(company, account_data):
+	"""
+	Check if account already exists. If not, create it.
+	Return a tax account or None.
+	"""
+	root_type = account_data.get('root_type', 'Liability')
+	account_name = account_data.get('account_name')
+	account_number = account_data.get('account_number')
+
+	existing_accounts = frappe.get_list('Account',
+		filters={
+			'company': company,
+			'root_type': root_type
+		},
+		or_filters={
+			'account_name': account_name,
+			'account_number': account_number
+		}
+	)
+
+	if existing_accounts:
+		return frappe.get_doc('Account', existing_accounts[0].name)
+
+	tax_group = get_or_create_tax_account_group(company, root_type)
+	full_account_data = {
+		'doctype': 'Account',
+		'account_name': account_name,
+		'account_number': account_number,
+		'tax_rate': account_data.get('tax_rate'),
+		'company': company,
+		'parent_account': tax_group,
+		'is_group': 0,
+		'report_type': 'Balance Sheet',
+		'root_type': root_type,
+		'account_type': 'Tax'
+	}
+	return frappe.get_doc(full_account_data).insert(ignore_permissions=True, ignore_mandatory=True)
+
+
+def get_or_create_tax_account_group(company, root_type):
+	tax_group = frappe.db.get_value('Account', {
+		'is_group': 1,
+		'root_type': root_type,
+		'account_type': 'Tax',
+		'company': company
+	})
+
+	if tax_group:
+		return tax_group
+
+	root = frappe.get_list('Account', {
+		'is_group': 1,
+		'root_type': root_type,
+		'company': company,
+		'report_type': 'Balance Sheet',
+		'parent_account': ('is', 'not set')
+	}, limit=1)[0].name
+
+	doc = frappe.get_doc({
+		'doctype': 'Account',
+		'company': company,
+		'is_group': 1,
+		'report_type': 'Balance Sheet',
+		'root_type': root_type,
+		'account_type': 'Tax',
+		'account_name': _('Duties and Taxes') if root_type == 'Liability' else _('Tax Assets'),
+		'parent_account': root
+	}).insert(ignore_permissions=True)
+
+	tax_group = doc.name
 
 	return tax_group
-
-def get_country_wise_tax(country):
-	data = {}
-	with open (os.path.join(os.path.dirname(__file__), "..", "data", "country_wise_tax.json")) as countrywise_tax:
-		data = json.load(countrywise_tax).get(country)
-
-	return data