The Russian Ministry of Finance has published Letter No. 03-03-05/65749 of 9 October 2017, which clarifies the limit on the offset of carried forward losses to 50% of taxable income per year that applies from 1 January 2017. The letter clarifies that the 50% offset limit only applies for tax (reporting) periods from 1 January 2017 to 31 December 2020. The letter also notes that the ten-year limit on the carry forward of losses no longer applies from 1 January 2017.