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Big Drop in Interest Rates for Duty Refunds and Shortfalls

Monday, July 20, 2020
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 July 1 through Sept. 30, 2020, the interest rates for overpayments are two percent for corporations (down from four percent) and three percent for non-corporations (down from five percent), and the interest rate for underpayments is three percent (down from five percent).

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