In a Federal Register Notice scheduled for publication on October 10, 2023, 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 7% for corporations, and 8% for non-corporations. For underpayments, the interest rates will be 8% for both corporations and non-corporations. The rates are applicable as of October 1, 2023.
The Federal Register notice can be found here:
