Russia's Federal Tax Service has released Letter No. SD-4-3/11747 of 20 August 2021 regarding a foreign entity's eligibility for the participation exemption for dividends received when the entity operates in Russia through a standalone division and has voluntarily recognized itself as a tax resident in Russia. Russia's participation exemption (0% rate) for dividends is generally available for resident entities that have owned at least 50% of the paying company's capital for a continuous perio…