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Notice

Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties

Action

General Notice.

Summary

This notice advises the public of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the calendar quarter beginning October 1, 2012, the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the interest rate for underpayments will be 3 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and Customs and Border Protection personnel.

 

Table of Contents Back to Top

DATES: Back to Top

Effective Date: October 1, 2012.

FOR FURTHER INFORMATION CONTACT: Back to Top

Ron Wyman, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4516.

SUPPLEMENTARY INFORMATION: Back to Top

Background Back to Top

Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, published in the Federal Register on May 29, 1985 (50 FR 21832), the interest rate paid on applicable overpayments or underpayments of customs duties must be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph (a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act of 1998, Public Law 105-206, 112 Stat. 685) to provide different interest rates applicable to overpayments: One for corporations and one for non-corporations.

The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS) on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter.

In Revenue Ruling 2012-23, the IRS determined the rates of interest for the calendar quarter beginning October 1, 2012, and ending on December 31, 2012. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (1%) plus one percentage point (1%) for a total of two percent (2%). For overpayments made by non-corporations, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). These interest rates are subject to change for the calendar quarter beginning January 1, 2013, and ending March 31, 2013.

For the convenience of the importing public and Customs and Border Protection personnel the following list of IRS interest rates used, covering the period from before July of 1974 to date, to calculate interest on overdue accounts and refunds of customs duties, is published in summary format.

Beginning date Ending date Under-payments (percent) Over-payments (percent) Corporate overpayments (eff. 1-1-99) (percent)
070174 063075 6 6
070175 013176 9 9
020176 013178 7 7
020178 013180 6 6
020180 013182 12 12
020182 123182 20 20
010183 063083 16 16
070183 123184 11 11
010185 063085 13 13
070185 123185 11 11
010186 063086 10 10
070186 123186 9 9
010187 093087 9 8
100187 123187 10 9
010188 033188 11 10
040188 093088 10 9
100188 033189 11 10
040189 093089 12 11
100189 033191 11 10
040191 123191 10 9
010192 033192 9 8
040192 093092 8 7
100192 063094 7 6
070194 093094 8 7
100194 033195 9 8
040195 063095 10 9
070195 033196 9 8
040196 063096 8 7
070196 033198 9 8
040198 123198 8 7
010199 033199 7 7 6
040199 033100 8 8 7
040100 033101 9 9 8
040101 063001 8 8 7
070101 123101 7 7 6
010102 123102 6 6 5
010103 093003 5 5 4
100103 033104 4 4 3
040104 063004 5 5 4
070104 093004 4 4 3
100104 033105 5 5 4
040105 093005 6 6 5
100105 063006 7 7 6
070106 123107 8 8 7
010108 033108 7 7 6
040108 063008 6 6 5
070108 093008 5 5 4
100108 123108 6 6 5
010109 033109 5 5 4
040109 123110 4 4 3
010111 033111 3 3 2
040111 093011 4 4 3
100111 123112 3 3 2

Dated: September 21, 2012.

David V. Aguilar,

Deputy Commissioner, U.S. Customs and Border Protection.

[FR Doc. 2012-23822 Filed 9-26-12; 8:45 am]

BILLING CODE 9111-14-P

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