On 16 March 2017, the Bolivian Chamber of Deputies (lower house of parliament) approved Project Law No. 029/2017-2018, which increases the rate of additional tax that applies for certain financial institutions regulated by the Supervisory Authority of the Financial System (ASFI). The legislation would increase the tax rate from 22% to 25% and would apply for profits generated from 2017. The increase must be approved by the Senate and published in the official gazette before entering into force.