💼Annual Reporting Requirements for Defense Offsets Agreements in 2024
Reporting for Calendar Year 2024 on Offsets Agreements Related to Sales of Defense Articles or Defense Services to Foreign Countries or Foreign Firms
Summary
This notice is to remind the public that U.S. firms are required to report annually to the Department of Commerce (Commerce) information on contracts for the sale of defense articles or defense services to foreign countries or foreign firms that are subject to offsets agreements exceeding $5,000,000 in value. U.S. firms are also required to report annually to Commerce 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. This year, such reports must include relevant information from calendar year 2024 and must be submitted to Commerce no later than June 15, 2025.
Agencies
- Commerce Department
- Industry and Security Bureau
Business Impact
$$ - Med
The notice outlines annual reporting requirements for U.S. firms regarding offsets agreements related to defense articles or services over $5 million, impacting compliance and regulatory operations for businesses involved in defense sales.