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 Jan. 1 through March 31, 2023, the interest rates for overpayments are six percent for corporations and seven percent for non-corporations, and the interest rate for underpayments is seven percent.
These rates represent a one percentage point increase from the previous quarter and are now at their highest level since the first quarter of 2008.
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