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…
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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.