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. For the quarter beginning April 1, 2020, and ending on June 30, 2020, the interest rates for overpayments remains 4 percent for corporations and 5 percent for non-corporations, and the interest rate for underpayments will be 5 percent for both corporations and non-corporations. These interest rates are subject to change for the calendar quarter beginning July 1, 2020, and ending on Sept. 30, 2020, CBP said.