Under Article 27 of the Venezuelan Value Added Tax Law, the National Executive may modify the tax rate between 8% and 16%. Through Decree No. 67, the President of the Republic set the general tax rate applicable to VAT at 16% (formerly established at 12%). The new rate will enter in force on 1 September 2018 and will apply to the remaining months of fiscal year 2018 and fiscal year 2019. Pursuant to the mentioned Decree, the National Executive may make the necessary adjustments to the financing approved by the National Constituent Assembly or the Venezuelan Supreme Court of Justice.