First Quarter 2011 CBP Interest Rates Decrease
According to the Internal Revenue Service, the interest rates for the first quarter of calendar year 2011 (January 1 - March 31, 2011) for overpayments and underpayments of Customs duties are as follows:
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- 2% for overpayments by corporations;
- 3% for overpayments by non-corporations; and
- 3% for underpayments.
Interest Rates are Decreased from Fourth Quarter 2010 Rates
These interest rates are decreased by 1% from the corresponding rates in effect for the fourth quarter of calendar year 2010 (October 1 -- December 31, 2010).
(U.S. Customs and Border Protection has previously stated that these interest rates are based on the short-term Federal rate and determined by the IRS on behalf of the Treasury Secretary on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter.)
(See ITT’s Online Archives or 08/23/10 news, 10082313, for BP summary of the fourth quarter 2010 interest rates.)
(Press release dated 12/07/10)