Issue #4 of the ACG Market Update looks at some of the most discussed topics as we enter 2004, including:

• comments on the new law "On Currency Regulation and Currency Control";
• important news for accountants, and a review of new orders from the Tax Ministry and the Ministry of Finance;
• explanations on changes in tax law, and clarifications received from the authorities concerning the question of tax optimization;
• new information on the status of the foreign legal entities working in Russia and methods being used by the Tax Ministry in their battle against  "fly-by-night companies;
• developments in new government measures concerning activity in the audit and consulting sector, and some news on Alinga Consulting Group activities.