CBP Publishes Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP published the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties in a notice. For the quarter that began Jan. 1 and ends March 31, 2018, the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the rate for underpayments will be 4 percent for both corporations and non-corporations. These interest rates are subject to change for the calendar quarter beginning April 1 and ending June 30, 2018, CBP said.