Russia's Federal Tax Service (FTS) recently issued Letter no. SHU-4-13/5078@ concerning the forgiveness of debt obligations by a foreign creditor in 2022. The letter notes that debt forgiveness is generally recognized as non-operating income of a Russian debtor and taken into account when determining the tax base for corporate income tax. However, amounts forgiven in 2022 under a loan (credit) agreement concluded before 1 March 2022 with a foreign organization or a claim assigned to a foreign…