OREANDA-NEWS. December 3, 2008. Russian PM Vladimir Putin hopes that constituent entities of the Russian Federation will adopt regional laws to reduce the tax rate for small businesses from 15% to 5% by the end of the year and these laws will become effective on January 1, 2009. “The law which allows constituent entities of the Russian Federation to slash the tax rate for small businesses from 15% to 5% was signed by the president last week. I believe that regional laws to regulate this right can be adopted as early as this year and become effective on January 1, 2009” - Putin said Tuesday at the first meeting of the government committee on regional development in Yaroslavl. According to him, the federal center expects regional and municipal authorities to set up their own support programs for small and medium-sized businesses.