The Russian Ministry of Finance has published Letter No. 03-03-06/1/68011, which clarifies the taxation of the repurchase of shares by a joint-stock company from its shareholders and subsequent reduction of capital through the cancelation of those shares. The letter provides that as per Article 280 of the Russia Tax Code, transactions involving the sale or other disposal of securities (shares) are generally taxable. However, transactions that involve the placement and subsequent repurchase of…