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The OECD released a Progress Report on Amount A of Pillar One on 11 July 2022. The OECD is seeking public comments by 19 August 2022. The OECD also published frequently asked questions (FAQs) and a fact sheet that includes a high-level overview of the rules on Amount A and a process map with steps for applying the rules. 

This alert provides a short overview of the report and some initial observations.