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It seems to be a UI bug, looks like includes_tax is not reflecting tax inclusive pricing even though the UI indicates it. When changing the db values of shipping_options to includes_tax=true manually, the totals are calculated correctly.
I am creating a new issue to bump this as it renders a tax inclusive checkout process unusable. Please see: #4929
Sorry if this is against the guidelines, but the linked issue has been stale since more than a month.
Thank you
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