Updated Interest Rates for Additional Duties on Reconciliations
U.S. Customs and Border Protection has posted an updated list of the interest rates (updated for the first quarter of 2012) for additional duty payments owed to Customs as a result of reconciliation. CBP notes that when a reconciliation results…
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in additional monies owed CBP, the payment must be made with interest, calculated by the filer using the rates provided in the list. For January 1 - March 31, 2012 the rate is 3%. (See ITT's Online Archives 12011357 for summary of the first quarter 2012 IRS interest rates for over payments and underpayments of customs duties.)