Customs Service, Treasury.
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 January 1, 2003, the interest rates for overpayments will be 4 percent for corporations and 5 percent for non-corporations, and the interest rate for underpayments will be 5 percent. This notice is published for the convenience of the importing public and Customs personnel.
January 1, 2003.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Ronald Wyman, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.End Further Info End Preamble Start Supplemental Information
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 shall 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 2002-70 (see, 2002-50 IRB 1, dated December 16, 2002), the IRS determined the rates of interest for the calendar quarter beginning January 1, 2003, and ending March 31, 2003. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (3%) plus two percentage points (2%) for a total of five percent (5%). For corporate overpayments, the rate is the Federal short-term rate (3%) plus one percentage point (1%) for a total of four percent (4%). For overpayments made by non-corporations, the rate is the Federal short-term rate (3%) plus two percentage points (2%) for a total of five percent (5%). These interest rates are subject to change for the calendar quarter beginning April 1, 2003, and ending June 30, 2003.
For the convenience of the importing public and Customs 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||Underpayments (percent)||Overpayments (percent)||Corporate overpayments (Eff. 1-1-99) (percent)|
|Start Printed Page 3309|
Dated: January 17, 2003.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 03-1445 Filed 1-22-03; 8:45 am]
BILLING CODE 4820-02-P