CBP Sets Two/Three Percent Interest Rates for Quarter for Government Payments
CBP set 2 percent for corporations and 3 percent for non-corporations as the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties, it said in a Federal Register notice scheduled for Jan. 8. The interest rate for underpayments will be 3 percent for both corporations and non-corporations, it said.
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The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS) on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter. CBP said it provided the notice for the convenience of the importing public and CBP personnel. Further information: Ron Wyman, 317-614-4516.