BIS Sets Deadline for Reporting Offset Data

U.S firms must report data on certain contracts for the sale of defense articles and services and information on offsets transactions by June 15, the Bureau of Industry and Security said. U.S. firms are required to report information on contracts for the sale of defense articles or defense services to foreign countries or firms that are subject to offsets agreements exceeding $5 million in value. Offsets are compensation practices required as a condition of purchase, in government-to-government or commercial sales of defense articles or services. U.S. firms are also required to report information on offsets transactions completed in performance of existing offsets commitments, for which offsets credit of $250,000 or more has been claimed from the foreign representative. The Department of Commerce releases an annual report to Congress with a summary of this information. Firms should report data from 2012 contracts, the Bureau said.