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Quarterly IRS Interest Rates Relating to Customs Duties Announced

Wednesday, October 23, 2013
Sandler, Travis & Rosenberg Trade Report

U.S. Customs and Border Protection has updated its list of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter beginning Oct. 1, 2013, the interest rates for overpayments are 2% for corporations and 3% for non-corporations, and the interest rate for underpayments is 3%. These rates are unchanged from the previous quarter.

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