CBP Issues FR Notice on Unchanged 3Q 2012 IRS Interest Rates

June 25, 2012 by Tim Warren|Customs

CBP said the third quarter 2012 (July 1 - Sept. 30) Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are: 2% for overpayments by corporations; 3% for overpayments by non-corporations; and 3% for underpayments. These rates are unchanged from the corresponding rates in effect for the second quarter of calendar year 2012. The CBP Federal Register notice ran June 26.

The interest rates are based on the Federal short-term rate and determined by the IRS on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter.

(See ITT's Online Archives 12011357 for summary of the IRS announcing the first quarter interest rates and 12032634 for the second quarter interest rates.)