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 Oct. 1, the interest rate for overpayments is 7% for corporations and 8% for non-corporations. The rate for underpayments is 8% for both corporations and non-corporations. That's up from the previous quarter, when rates were 6% for overpayments for corporations, 7% for overpayments for non-corporations, and 7% for underpayments (see 2307050040).