BIS Issues Reminder to Submit Offsets Agreements Reporting

U.S. companies that sell defense products or services to foreign countries or entities must report all offsets agreements greater than $5 million to the Bureau of Industry and Security by June 15, the agency said this week. Companies also must report information on offsets transactions completed “in performance of existing offsets commitments for which an offsets credit” of $250,000 or more “has been claimed from the foreign representative,” the notice said. The Commerce Department is asking for reports of offsets transactions that took place during calendar year 2024.