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Set up a legal entity and tax information for Panama

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This article explains how to set up a legal entity and tax information for a company that's located in Panama and is using the Latin American (LATAM) features that are available in Microsoft Dynamics 365 Finance. A legal entity represents the company, and it contains the tax and legal attributes that are required for the rest of the LATAM configuration.

Before you begin, open the Feature management workspace, and verify that the LATAM globalization expansion – Panama feature is enabled. If it isn't enabled, enable it. After you're sure that the feature is enabled, complete the following procedures.

  1. Go to Organization administration > Organizations > Legal entities, and select New to create a legal entity. Some functionality is enabled only for Panama. Examples include specific tax reports or electronic invoices.
  2. In the address setup, set up the address format for Panama by using State as Province, County as District, and City as Corregimiento.
  3. Go to Organization administration > Setup > LATAM > LATAM parameters.
  4. On the Concept and notes tab, in the Legal entity section set a field as Activity.

Set up tax information

  1. Create a document class letter without a prefix. This document class letter will be used in taxpayer and document class configurations.

  2. Go to Organization administration > Setup > LATAM > Tax ID type.

  3. Select New, and then, in the Overview section, in the Tax ID type field, enter RUC (Unique Taxpayer Registry), which is one of the tax ID types for Panama.

  4. In the Format field, enter XXXXXXXX-XX. For more information, see Tax ID types for Latin America.

  5. Go to Organization administration > Global address book > Addresses, select the country where the company is set, and then select LATAM to add the RUC tax ID type. For more information, see Address setup for Latin America.

  6. Go to Organization administration > Setup > LATAM > Taxpayer type, and select New to create a record that represents organizations.

  7. In the Type field, select persona juridica. Then add the tax ID type and the document class letter that you created. For more information, see Taxpayer types for Latin America.

  8. Go to Organization administration > Organizations > Legal entities, and then, in the LATAM section, configure the following entity tax and legal information:

    • In the Taxpayer type field, select persona juridica to represent an organization.
    • In the Based in country/region field, select Panama.
    • In the Country document type field, select RUC.
    • Complete the country document number, including the tax ID number of the company.
    • In the Concept and notes section, in the first field, enter the company activity.