CBP Releases Quarterly Interest Rates for Overdue Accounts and Refunds04/22/2014
In a Federal Register notice published on April 22, 2014, 2014, U.S. Customs and Border Protection (CBP) released a general notice publishing the quarterly interest rates for under- and overpayments of customs duties, effective April 1, 2014.
The release specifies that, “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.”
The interest rates are set by the Internal Revenue Service (IRS), and are determined every quarter based on the Federal short-term rate.
The Federal Register notice can be accessed online at:
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