CBP Sets Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP is set to publish on Jan. 4 the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter that began Jan. 1, the interest rates for overpayments remains 2% for corporations and 3% for non-corporations, and the interest rate for underpayments will be 3% for both corporations and non-corporations. These interest rates are subject to change for the following quarter, CBP said.