CBP Sets Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP released on July 1 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 July 1, the interest rates for overpayments are 4% for corporations and 5% for non-corporations, and the interest rate for underpayments is 5% for both corporations and non-corporations. That's up from 3%, 4% and 4% in the previous quarter, respectively. These interest rates are subject to change for the following quarter, CBP said.