Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties

 

In the October 2 edition of the Federal Register, U.S. Customs and Border Protection (CBP) published the latest interest rate paid on applicable overpayments or underpayments of customs duties as set out 26 U.S.C. 6621 and 6622.

 

The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS). These rates began on October 1 and will run through December 31, 2019. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (2%) plus two percentage points (2%) for a total of four percent (4%). For overpayments made by non-corporations, the rate is the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%).

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