{"id":3234,"date":"2026-03-16T19:28:34","date_gmt":"2026-03-17T02:28:34","guid":{"rendered":"https:\/\/giaodichlienket.man.net.vn\/?p=3234"},"modified":"2026-03-16T19:28:34","modified_gmt":"2026-03-17T02:28:34","slug":"master-file","status":"publish","type":"post","link":"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/","title":{"rendered":"4 Steps to Preparing a Perfect Master File for the 2026 Tax Settlement Period"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Master File (Global Profile) is becoming a strategic document in the management of related-party transactions for multinational corporations. In this context... <\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/luu-y-ve-thue-toi-thieu-toan-cau\/\"><span style=\"font-weight: 400;\">Global Minimum Tax Rate (Pillar Two)<\/span><\/a><span style=\"font-weight: 400;\"> With increasingly stringent tax risk management systems, a standard Master File is required. <\/span><a href=\"https:\/\/thuvienphapluat.vn\/van-ban\/Doanh-nghiep\/Nghi-dinh-132-2020-ND-CP-quy-dinh-quan-ly-thue-doi-voi-doanh-nghiep-co-giao-dich-lien-ket-452218.aspx\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Decree 132\/2020\/ND-CP<\/span><\/a><span style=\"font-weight: 400;\"> The OECD not only helps businesses comply with the law but also protects legitimate profits from transfer pricing audits. This article will provide an in-depth guide to the Master File 2026, from file structure and application to filing strategies to help FDI businesses minimize tax risks.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Master_File_la_gi\" >What is Master File?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Master_File_bao_gom_nhung_noi_dung_nao\" >What content does a Master File include?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Co_cau_to_chuc_tap_doan\" >Corporate organizational structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Mo_ta_hoat_dong_kinh_doanh\" >Business activity description<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Tai_san_vo_hinh\" >Intangible assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Hoat_dong_tai_chinh_noi_bo\" >Internal financial operations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Thong_tin_tai_chinh_ve_thue\" >Financial information regarding taxes<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Vai_tro_cua_Master_File_doi_voi_doanh_nghiep\" >The role of MasterFile in businesses<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Khi_%E2%80%9Cluat_choi%E2%80%9D_thay_doi\" >When the &quot;rules of the game&quot; change<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Tai_sao_Master_File_lai_tro_thanh_%E2%80%9Cdiem_nong%E2%80%9D\" >Why has MasterFile become a &quot;hot topic&quot;?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Co_che_Thue_toi_thieu_toan_cau_Pillar_Two_va_su_minh_bach_hoa_du_lieu_thue\" >The Global Minimum Tax Mechanism (Pillar Two) and the transparency of tax data.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Hau_qua_khon_luong_cua_viec_thieu_hut_Master_File_chuan_chinh\" >The devastating consequences of a lack of a proper Master File.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Giai_phap_toan_dien_Hieu_dung_ve_Master_File\" >Comprehensive Solution: Understanding MasterFile Correctly<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Cac_truong_hop_duoc_mien_lap_Master_File\" >Cases where Master File creation is waived<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Cau_truc_chi_tiet_cua_Master_File_chuan\" >Detailed structure of a standard Master File<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Co_cau_to_chuc_va_Quyen_so_huu\" >Organizational Structure and Ownership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Mo_ta_hoat_dong_kinh_doanh-2\" >Business activity description<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#_Tai_san_vo_hinh\" >\u00a0Intangible assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Hoat_dong_tai_chinh_noi_bo-2\" >Internal financial operations<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Chien_luoc_lap_Master_File_%E2%80%9CBat_kha_xam_pham%E2%80%9D_cho_nam_2026\" >The strategy for creating an &quot;impenetrable&quot; Master File in 2026.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Tinh_nhat_quan\" >Consistency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Phan_tich_FAR_Function_Asset_Risk_chuyen_sau\" >In-depth FAR (Function, Asset, Risk) analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Su_dung_cong_nghe_trong_dinh_gia_chuyen_gia\" >Using technology in transfer pricing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Quy_trinh_tuan_thu_va_Luu_tru\" >Compliance and Archiving Procedures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Ket_luan\" >Conclude<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/master-file\/#Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\" >Contact information MAN \u2013 Master Accountant Network<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Master_File_la_gi\"><\/span><b>What is Master File?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Master File is a report that describes the entire business structure and strategy of a multinational corporation, including how the corporation generates profits, allocates assets, and conducts internal transactions between its subsidiary companies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The primary objective of the Master File is to help tax authorities understand the corporation&#039;s operating model in order to assess whether related-party transactions comply with the Arm&#039;s Length Principle.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Master_File_bao_gom_nhung_noi_dung_nao\"><\/span><b>What content does a Master File include?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A standard Master File typically includes the following main contents:<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Co_cau_to_chuc_tap_doan\"><\/span><b>Corporate organizational structure<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ownership chart and relationships between member companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The geographical location of each legal entity within the group.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Mo_ta_hoat_dong_kinh_doanh\"><\/span><b>Business activity description<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The corporation&#039;s global value chain<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key markets and revenue streams<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key products or services.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tai_san_vo_hinh\"><\/span><b>Intangible assets<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trademarks, technologies, patents<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Licensing and royalty collection policies among affiliated companies.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Hoat_dong_tai_chinh_noi_bo\"><\/span><b>Internal financial operations<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Internal lending policy<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital structure and interest rates applied between related parties.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Thong_tin_tai_chinh_ve_thue\"><\/span><b>Financial information regarding taxes<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consolidated financial statements of the group<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">List of tax agreements or tax incentives in various countries.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vai_tro_cua_Master_File_doi_voi_doanh_nghiep\"><\/span><b>The role of MasterFile in businesses<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">MasterFile plays a crucial role in:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Demonstrate the reasonableness of the transfer pricing policy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce the risk of being assessed taxes during an audit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increase transparency in related-party transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assisting businesses in complying with international tax regulations.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Master File is a global record of a multinational corporation, describing its organizational structure, business operations, and transfer pricing policies to demonstrate that related-party transactions comply with tax regulations.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Khi_%E2%80%9Cluat_choi%E2%80%9D_thay_doi\"><\/span><b>When the &quot;rules of the game&quot; change<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The most challenging issue facing FDI businesses and multinational corporations (MNEs) is information discrepancies. A small error in the Master File (Global Profile) compared to local operations can trigger tax audits that last for years. Businesses can no longer simply &quot;cope&quot; by copying the parent company&#039;s records without making adjustments to suit the legal context in Vietnam (especially Decree 132\/2020\/ND-CP). To ensure safety, many businesses have turned to specialized agencies.<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/tu-van-dich-vu-chuyen-gia\/\"> <span style=\"font-weight: 400;\">Transfer pricing consulting services<\/span><\/a><span style=\"font-weight: 400;\"> Professionalism is key. MasterFile is now more than just a compliance obligation; it&#039;s the ultimate &quot;shield&quot; protecting a business&#039;s legitimate profits against tax assessment risks.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tai_sao_Master_File_lai_tro_thanh_%E2%80%9Cdiem_nong%E2%80%9D\"><\/span><b>Why has MasterFile become a &quot;hot topic&quot;?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3238\" aria-describedby=\"caption-attachment-3238\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3238\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket.jpg\" alt=\"L\u00fd do Master File tr\u1edf th\u00e0nh \u0111i\u1ec3m n\u00f3ng trong c\u00e1c cu\u1ed9c thanh tra giao d\u1ecbch li\u00ean k\u1ebft\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Ly-do-Master-File-tro-thanh-diem-nong-trong-cac-cuoc-thanh-tra-giao-dich-lien-ket-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-3238\" class=\"wp-caption-text\">Why MasterFile has become a hot spot in affiliate transaction investigations.<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Changes in the international tax environment, particularly the implementation of data management and anti-transfer pricing mechanisms, have made Master Files a focal point in tax audits. The following factors explain why these documents are receiving increasing attention from regulatory authorities.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Co_che_Thue_toi_thieu_toan_cau_Pillar_Two_va_su_minh_bach_hoa_du_lieu_thue\"><\/span><b>The Global Minimum Tax Mechanism (Pillar Two) and the transparency of tax data.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">By 2026, Pillar Two will no longer be just a concept on paper. With a minimum tax rate of 15%, any loopholes in transfer pricing will be exposed. The Master File is the document that provides a comprehensive overview of how the corporation allocates profits and pays taxes globally.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If the data in the Master File shows that a corporation is shifting profits to countries with low tax rates through intangible assets or internal services, but reports losses or low profits in Vietnam, the tax authorities will immediately raise suspicions. The inconsistency between the Master File and the Country-by-Country Report (CbCR) is a &quot;verdict&quot; confirming transfer pricing in the eyes of the tax authorities.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Hau_qua_khon_luong_cua_viec_thieu_hut_Master_File_chuan_chinh\"><\/span><b>The devastating consequences of a lack of a proper Master File.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Don&#039;t mistakenly think that simply paying a fine is enough. The actual consequences are far more severe:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Excluding interest expense: According to Decree 132\/2020\/ND-CP, if the commercial nature and conformity of the Master File cannot be proven, interest expense exceeding the 30% ceiling will be excluded. <\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/cong-thuc-tinh-lai-vay-giao-dich-lien-ket\/\"><span style=\"font-weight: 400;\">EBITDA<\/span><\/a><span style=\"font-weight: 400;\"> This will be permanently excluded, significantly increasing the corporate income tax burden.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax Assessment: When the Master File is not reliable enough, the tax authorities have the right to use their database to determine the profit margin for the business. This often results in the amount of tax payable being many times higher than the amount declared.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b>Example:<\/b> <span style=\"font-weight: 400;\">A major electronics corporation in Bac Ninh Industrial Park was ordered to pay over 200 billion VND in back taxes in 2025 because its global tax return failed to clearly explain the value chain contribution of the entity in Vietnam, leading the tax authorities to reject the net profit comparison method (NPM) applied by the company. To avoid similar errors, the use of<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/dich-vu-chuyen-gia-tron-goi-tai-tphcm\/\"> <span style=\"font-weight: 400;\">Full-service transfer pricing in Ho Chi Minh City<\/span><\/a><span style=\"font-weight: 400;\"> This helps businesses maintain good control over records right from the start.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Giai_phap_toan_dien_Hieu_dung_ve_Master_File\"><\/span><b>Comprehensive Solution: Understanding MasterFile Correctly<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to OECD guidelines (Action 13) and Decree 132\/2020\/ND-CP, a Master File is a set of documents containing standardized information for all members of a conglomerate (MNEs).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Unlike the Local File (Country File), which focuses on specific transactions of the entity in Vietnam, the Global File describes the general policies of the corporation. It answers the question: &quot;Where does the corporation generate revenue, who owns key assets, and how are internal pricing policies established?&quot;.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cac_truong_hop_duoc_mien_lap_Master_File\"><\/span><b>Cases where Master File creation is waived<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In Vietnam, according to Article 19 of Decree 132\/2020\/ND-CP, enterprises with related-party transactions are exempt from creating a Master File if they fall into one of the following cases:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue and transaction value threshold: Businesses must have total revenue generated during the tax period below VND 50 billion and the total value of all related-party transactions generated during the tax period below VND 30 billion.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advance Pricing Agreement (APA): The company has signed an APA with the tax authorities and submitted annual reports in accordance with the law on APA. (Note: Related party transactions not covered by APA must still be documented as required).<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Businesses with simple functions and no revenue or expenses generated from intangible assets:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intangible assets are only used for simple business functions and do not generate revenue or incur costs from their exploitation or use.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue is below 200 billion VND.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Apply the net profit margin before interest and corporate income tax (EBIT) to net revenue according to the following sectors: Distribution (from 5% onwards), Manufacturing (from 10% onwards), and Processing (from 15% onwards).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purely domestic transactions: Businesses only conduct transactions with related parties who are subject to corporate income tax in Vietnam, applying the same corporate income tax rate, and neither party enjoys any corporate income tax incentives during the tax period.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, in the context of 2026, even if exempt from filing, businesses must still meticulously complete Appendix I (Information on related parties and related-party transactions). Businesses can refer to the following information.<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/bang-gia-dich-vu-chuyen-gia\/\"> <span style=\"font-weight: 400;\">Transfer pricing service price list<\/span><\/a><span style=\"font-weight: 400;\"> to plan a compliant budget.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cau_truc_chi_tiet_cua_Master_File_chuan\"><\/span><b>Detailed structure of a standard Master File<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For a Master File to be impactful with the tax authorities, it must be built upon the following five content pillars:<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Co_cau_to_chuc_va_Quyen_so_huu\"><\/span><b>Organizational Structure and Ownership<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The filing must provide a global ownership structure, clearly indicating the geographical location of each legal entity. In particular, detailed updates on M&amp;A (mergers and acquisitions) activities are needed in 2026, as this is a time when corporations are undergoing significant restructuring to adapt to new tax laws.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Mo_ta_hoat_dong_kinh_doanh-2\"><\/span><b>Business activity description<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">This is the central part in demonstrating the &quot;Nature of Transactions&quot;.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Value Chain: An analysis of the five entities that contribute the most revenue to the corporation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Functional description: What role does Vietnam play? (Production based on orders, processing, or a limited-function sales unit?).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Internal services: Describes agreements for providing management services, technical support, and cost allocation arrangements (Cost Contribution Arrangement \u2013 CCA).<\/span><b>\u00a0<\/b><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Tai_san_vo_hinh\"><\/span><b>\u00a0Intangible assets<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Intangible assets (trademarks, technology, trade secrets, etc.) are the most closely scrutinized elements:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">DEMPE analysis: Businesses must demonstrate which entities are involved in the stages of Development, Enhancement, Maintenance, Protection, and Exploitation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If a Vietnamese company pays royalties to an overseas entity, MasterFile must demonstrate that the recipient actually performs the function of managing and controlling the risks associated with that asset, rather than being merely a &quot;shell&quot; company.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Hoat_dong_tai_chinh_noi_bo-2\"><\/span><b>Internal financial operations<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The tax authorities will examine how the corporation finances its loans. Does its internal lending interest rate policy adhere to the arm&#039;s length principle? Is there &quot;thin capitalization&quot; used to shift profits through interest expenses?<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Chien_luoc_lap_Master_File_%E2%80%9CBat_kha_xam_pham%E2%80%9D_cho_nam_2026\"><\/span><b>The strategy for creating an &quot;impenetrable&quot; Master File in 2026.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3237\" aria-describedby=\"caption-attachment-3237\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3237\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1.jpg\" alt=\"Quy tr\u00ecnh tu\u00e2n th\u1ee7 v\u00e0 l\u01b0u tr\u1eef Master File\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-3237\" class=\"wp-caption-text\">Master File compliance and storage procedures<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To build a Master File that is convincing to the tax authorities, businesses need to apply systematic data management and transfer pricing analysis strategies. Below are the key factors that help make the Master File a solid legal shield in the context of increasingly stringent related-party transaction audits.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tinh_nhat_quan\"><\/span><b>Consistency<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A common mistake is that the revenue figures in the Master File (corporate level) don&#039;t match when adding up the figures. <\/span><i><span style=\"font-weight: 400;\">Local File<\/span><\/i><span style=\"font-weight: 400;\">. By 2026, the use of automated tax management software will be mandatory to ensure:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consistent financial data across all reports.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The functional and risk arguments in the Master File must support the pricing methodology in the Local File.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Phan_tich_FAR_Function_Asset_Risk_chuyen_sau\"><\/span><b>In-depth FAR (Function, Asset, Risk) analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To protect profit margins, businesses need to conduct a detailed FAR analysis:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Function: Human resource activities performed in Vietnam.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assets: Machinery, equipment, and especially local intellectual property.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Risks: Market risk, inventory risk, and bad debt risk that the entity in Vietnam is facing.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Su_dung_cong_nghe_trong_dinh_gia_chuyen_gia\"><\/span><b>Using technology in transfer pricing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In 2026, experts recommended using international databases such as <\/span><i><span style=\"font-weight: 400;\">Thomson Reuters<\/span><\/i><span style=\"font-weight: 400;\"> or <\/span><i><span style=\"font-weight: 400;\">Bureau van Dijk<\/span><\/i><span style=\"font-weight: 400;\"> To perform benchmarking (comparing profit margins), having accurate comparative data will make the Master File more convincing in the face of questions from the inspection team.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Quy_trinh_tuan_thu_va_Luu_tru\"><\/span><b>Compliance and Archiving Procedures<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3236\" aria-describedby=\"caption-attachment-3236\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3236\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File.jpg\" alt=\"Quy tr\u00ecnh tu\u00e2n th\u1ee7 v\u00e0 l\u01b0u tr\u1eef Master File\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/03\/Quy-trinh-tuan-thu-va-luu-tru-Master-File-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-3236\" class=\"wp-caption-text\">Master File compliance and storage procedures<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Creating a master file isn&#039;t a year-end task, but rather an ongoing process:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data collection: Starting in the first quarter of the fiscal year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Translation and Localization: Master files are typically created in English at the parent company. Businesses in Vietnam are required to translate them into Vietnamese and ensure that technical terminology is accurate according to Vietnamese law.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deadline: Documents must be ready before submitting the corporate income tax return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Storage: Storage must be maintained for at least 10 years. When a request is made, businesses have only 30 working days (extendable once for no more than 15 days) to submit the information. To ensure absolute accuracy, collaboration with a certified provider is recommended.<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/dich-vu-chuyen-gia-uy-tin\/\"> <span style=\"font-weight: 400;\">reliable transfer pricing service<\/span><\/a><span style=\"font-weight: 400;\"> This is the optimal solution.<\/span><\/li>\n<\/ul>\n<blockquote><p><b>See details:<\/b> <a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/thoi-han-nop-ho-so-giao-dich-lien-ket\/\"><span style=\"font-weight: 400;\">Deadline for submitting Related Party Transaction Documents.<\/span><\/a><\/p><\/blockquote>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><b>Conclude<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the context of increasingly transparent global tax administration and continuously tightening regulations on related-party transactions, the Master File has become a crucial risk management tool for multinational corporations. A well-structured, consistent, and practical Master File not only helps businesses meet compliance requirements under Decree 132\/2020\/ND-CP but also significantly reduces the risk of audits, tax assessments, or tax arrears collection.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Therefore, instead of viewing Master File as a mere administrative formality, businesses should approach file creation as a long-term tax management strategy. Investing in accurate data, in-depth transfer pricing analysis, and timely updates on changes in international tax policies will help FDI businesses in Vietnam protect their legitimate profits and achieve sustainable growth in an increasingly competitive global business environment.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\"><\/span><b>Contact information MAN \u2013 Master Accountant Network<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Address:<\/b><span style=\"font-weight: 400;\"> No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mobile\/Zalo:<\/b><span style=\"font-weight: 400;\"> 0903 963 163 \u2013 0903 428 622<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>E-mail:<\/b><span style=\"font-weight: 400;\"> man@man.net.vn<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Content production by: Mr. <\/span><a href=\"https:\/\/man.net.vn\/le-hoang-tuyen\/\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Le Hoang Tuyen<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 Founder &amp; CEO MAN \u2013 Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Master File (H\u1ed3 s\u01a1 to\u00e0n c\u1ea7u) \u0111ang tr\u1edf th\u00e0nh t\u00e0i li\u1ec7u chi\u1ebfn l\u01b0\u1ee3c trong qu\u1ea3n tr\u1ecb giao d\u1ecbch li\u00ean k\u1ebft c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n \u0111a qu\u1ed1c gia. Trong b\u1ed1i c\u1ea3nh Thu\u1ebf t\u1ed1i thi\u1ec3u to\u00e0n c\u1ea7u (Pillar Two) v\u00e0 h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro thu\u1ebf ng\u00e0y c\u00e0ng ch\u1eb7t ch\u1ebd, m\u1ed9t b\u1ea3n Master File chu\u1ea9n theo [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/3234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/comments?post=3234"}],"version-history":[{"count":1,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/3234\/revisions"}],"predecessor-version":[{"id":3239,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/3234\/revisions\/3239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media\/3235"}],"wp:attachment":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media?parent=3234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/categories?post=3234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/tags?post=3234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}