CBP Releases Quarterly Interest Rates for Overdue Accounts and Refunds

Posted by Sarah Lilly on 5/30/17 4:35 PM

In a Federal Register notice published on May 26, 2017 U.S. Customs and Border Protection (CBP) released a general notice publishing the quarterly interest rates for under- and overpayments of customs duties, effective April 1, 2017.

The release specifies that, “the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the interest rate for underpayments will be 4 percent for both corporations and non-corporations.”

The interest rates are set by the Internal Revenue Service (IRS) and are determined every quarter based on the Federal short-term rate.

The Federal Register notice can be accessed:

https://www.federalregister.gov/documents/2017/05/26/2017-10805/quarterly-irs-interest-rates-used-in-calculating-interest-on-overdue-accounts-and-refunds-on-customs

Topics: CBP

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