Background

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 April 1 through June 30, 2016, the interest rates for overpayments have increased to 3 percent for corporations and 4 percent for non-corporations and the interest rate for underpayments has increased to 4 percent. These rates had been set at 2 percent, 3 percent and 3 percent, respectively, since October 2011.

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