CBP Interest Rates Unchanged for 1st Quarter 2012
According to the Internal Revenue Service, the interest rates for the first quarter of calendar year 2012 (January 1 -- March 31, 2012) 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 Unchanged from 4th Quarter 2011 Rates
These interest rates are unchanged from the corresponding rates in effect for the fourth quarter of calendar year 2011 (October 1 -- December 31, 2011).
(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 11081820 for summary of the fourth quarter 2011 interest rates.)