CBP Sets Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP released the quarterly IRS 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 rate for overpayments is 6% for corporations and 7% for non-corporations. The rate for underpayments is 7% for both corporations and non-corporations. Rates are unchanged from the previous quarter (see 2304120029) but subject to change for the next quarter, CBP said.