CBP Issues FR Notice on 1% Drop in 4Q 2011 IRS Interest Rates
U.S. Customs and Border Protection has issued a Federal Register notice stating that the fourth quarter 2011 (October 1 - December 31, 2011) Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are: 2% for overpayments by corporations; 3% for non-corporations; and 3% for underpayments. These rates are 1% lower than the corresponding rates in effect for the third quarter of 2011.
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(See ITT's Online Archives 11081820 for summary of the IRS announcing these fourth quarter rates in August 2011.)