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Is it possible to assign an External ID to tax codes through scripting or any other means?

This will be possible by scripting, you can get the value of the externalid in the script, and then assign that value to where you want.

require (['N/record'],
function(record)


{
var rec = record.load({
type: record.Type.SALES_TAX_ITEM,
id: 1
});


rec.setValue({
fieldId: 'externalid',
value: 'T1'
});

rec.save();

I tried the code above in the console but it didn't work. By any chance, do you know what's wrong with it?

This is similar, and I have this working on my account.

define(['N/currentRecord'],
function(currentRecord, dialog, log) {
    /**
     *
     * @NApiVersion 2.0
     * @NScriptType ClientScript
     */
     
  function saveRecord (){
    var objRecord = currentRecord.get();
    var costcentre = objRecord.getValue({
        fieldId: 'entityid'    })
objRecord.setValue({
                fieldId: 'externalid',
                value: costcentre,
                });
return true;
}
return {
saveRecord: saveRecord
};});