CBP Increases Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP released on Sept. 19 the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter to begin Oct. 1, the interest rates for overpayments will be 5% for corporations and 6% for non-corporations, and the interest rate for underpayments is 6% for both corporations and non-corporations. That's up from 4%, 5% and 5% in the previous quarter, respectively (see 2207010031). These interest rates are subject to change for the following quarter, CBP said.