Table &1: Withholding tax type &2 does not exist in country &3

What causes this issue?

Withholding tax type &V2& has not been created for country &V3& in
Customizing for extended withholding tax.

How to fix this error?

Add withholding tax type &V2& for country &V3& in Customizing for
extended withholding tax and check the settings that you made in the
step "Assign withholding tax types/codes" (second step in conversion
run).

Error message extract from SAP system. Copyright SAP SE.