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Notice

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

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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.

DATES:

Effective Date: October 1, 2012.

FOR FURTHER INFORMATION CONTACT:

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

SUPPLEMENTARY INFORMATION:

Background

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 dateEnding dateUnder- payments (percent)Over- payments (percent)Corporate overpayments (eff. 1-1-99) (percent)
07017406307566
07017501317699
02017601317877
02017801318066
0201800131821212
0201821231822020
0101830630831616
0701831231841111
0101850630851313
0701851231851111
0101860630861010
07018612318699
01018709308798
100187123187109
0101880331881110
040188093088109
1001880331891110
0401890930891211
1001890331911110
040191123191109
01019203319298
04019209309287
10019206309476
07019409309487
10019403319598
040195063095109
07019503319698
04019606309687
07019603319898
04019812319887
010199033199776
040199033100887
040100033101998
040101063001887
070101123101776
010102123102665
010103093003554
100103033104443
040104063004554
070104093004443
100104033105554
040105093005665
100105063006776
070106123107887
010108033108776
040108063008665
070108093008554
100108123108665
010109033109554
040109123110443
010111033111332
040111093011443
100111123112332

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]

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