The Russian Ministry of Finance has published Letter No. 03-03-10/77793 of 29 October 2018, which clarifies changes in the Tax Code made by Federal Law No. 302-FZ of 3 August 2018 in respect of a regional government's ability to set reduced corporate tax rates. Currently, Russia's effective corporate tax rate is comprised of a 3% federal portion and a 17% regional portion, which regional governments may reduce to as low as 13.5% (12.5% from 2017 to 2020). However, effective 1 January 2019, re…