Is it possible to setup 2 tax regimes for the same business unit?

Summary:

We have an existing tax regime setup for a business unit and would like to setup an additional tax regime and tax codes, etc for the same business unit.

Content (required):

We have a few entities in the business unit that has a tax regime setup. We will need to setup a new tax regime for the business unit as it is for entities in different countries and they belong to the same ledger/business unit.

Could you please advise if this is possible and recommended?

Version (include the version you are using, if applicable):

23A (11.13.23.01.0)

Code Snippet (add any code snippets that support your topic, if applicable):