diff --git a/erpnext/setup/setup_wizard/operations/taxes_setup.py b/erpnext/setup/setup_wizard/operations/taxes_setup.py
index 0faebb6ab4c..6561f386c55 100644
--- a/erpnext/setup/setup_wizard/operations/taxes_setup.py
+++ b/erpnext/setup/setup_wizard/operations/taxes_setup.py
@@ -87,7 +87,10 @@ def simple_to_detailed(templates):
 def from_detailed_data(company_name, data):
 	"""Create Taxes and Charges Templates from detailed data."""
 	charts_company_name = company_name
-	if frappe.db.get_value("Company", company_name, "create_chart_of_accounts_based_on"):
+	if (
+		frappe.db.get_value("Company", company_name, "create_chart_of_accounts_based_on")
+		== "Existing Company"
+	):
 		charts_company_name = frappe.db.get_value("Company", company_name, "existing_company")
 	coa_name = frappe.db.get_value("Company", charts_company_name, "chart_of_accounts")
 	coa_data = data.get("chart_of_accounts", {})