The Russian Ministry of Finance has published Letter No. 03-03-06/1/54596 of 25 August 2017, which clarifies whether a dividend paid in kind (a company's own products) is considered a sale of goods for value added tax (VAT) and corporate tax purposes. The letter notes that as per Article 39 of the Russian Tax Code, the sale of goods means the transfer of ownership of goods in exchange for payment, as well as the transfer of ownership free of charge. When dividends are paid by a company's own …