Magento 2.4.7 p1 stored catalog prices including tax displays incorrectly with extra tax added

[fabotha]

Preconditions and environment

• Magento version 2.4.7 p1

Steps to reproduce

For product example 137326 I have stored the catalog price including tax VAT (20%) so the stored price of a product is £112
I set the config for sales / tax / catalog prices to including tax
I reindex and flush cache
Displaying the product using storefront shows a retail price of £134.40 which is another 20% on top of the stored price.
My default country is UK.
If I change back to catalog excluding tax and set the save price to £93.33
the storefront shows a price of £112 which is correct.
I thought this bug was resolved on 2.4.7 of magento.
Not sure if this helps or not
I have 2 tax rules setup 1 for UK (my country) tax rate called VAT and one for IOM and tax rate called VAT2
2 tax rates set up VAT (country UK) and VAT2 (country IOM) both 20%

Expected result

Show the stored catalog value with has vat included and not add extra tax to the product price.

Actual result

If catalog price stored includes tax and price is stored at £112, I expect the displayed storefront price to show the same valve not a price with extra tax added

Additional information

No response

Release note

Catalog prices when stored with tax and setting of c

Triage and priority

• Severity: S0 - Affects critical data or functionality and leaves users without workaround.
• Severity: S1 - Affects critical data or functionality and forces users to employ a workaround.
• Severity: S2 - Affects non-critical data or functionality and forces users to employ a workaround.
• Severity: S3 - Affects non-critical data or functionality and does not force users to employ a workaround.
• Severity: S4 - Affects aesthetics, professional look and feel, “quality” or “usability”.

[m2-assistant]

Hi @fabotha. Thank you for your report.
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[m2-assistant]

Hi @engcom-Bravo. Thank you for working on this issue.
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