CBP Publishes Quarterly IRS Interest Rates

 

In the July 17 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.

 

The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS). These rates began on July 1 and will run through September 30, 2020. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (0%) plus three percentage points (3%) for a total of five percent (3%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (0%) plus two percentage points (2%) for a total of four percent (2%). For overpayments made by non-corporations, the rate is the Federal short-term rate (0%) plus three percentage points (3%) for a total of five percent (3%). These interest rates are subject to change for the calendar quarter beginning October 1, 2020, and ending on December 31, 2020.

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