Expeditors Newsflash

CBP Announces Increase in Quarterly IRS Interest Rates

Posted by Kelsay Calvaruso on 1/24/23 5:00 PM

On January 18, 2023, in a Federal Register Notice (FRN), U.S. Customs and Border Protection (CBP) announced that the “quarterly Internal Revenue Service [IRS] interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will increase from the previous quarter.”

For overpayments, the interest rates will be 6% for corporations, and 7% for non-corporations. For underpayments, the interest rates will be 7% for both corporations and non-corporations. The rates are applicable as of January 1, 2023.

The FRN can be found here:

https://www.federalregister.gov/documents/2023/01/18/2023-00836/quarterly-irs-interest-rates-used-in-calculating-interest-on-overdue-accounts-and-refunds-of-customs

Topics: CBP, Duties

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