Message no. FF703

Company code not assigned to country or country to calculation procedure
Message no. FF703
Diagnosis
An error occurred when checking the tax code. Either the assignment of company code and country or of country and calculation procedure is not correct.
Procedure
Check the system settings.
To do this, choose Maintain entries (F5).
If the program error occurred
•    In a standard SAP program, then create an OSS message
•    In a program you wrote yourself, then correct the program.

Solution
Assign tax procedure to company code.

*Reference
http://sap.ittoolbox.com/groups/technical-functional/sap-acct/error-message-703-429921