CBP Issues FR Notice on Unchanged 3Q 2012 IRS Interest Rates
CBP said the third quarter 2012 (July 1 - Sept. 30) Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are: 2% for overpayments by corporations; 3% for overpayments by non-corporations; and 3% for underpayments. These rates are unchanged from the corresponding rates in effect for the second quarter of calendar year 2012. The CBP Federal Register notice ran June 26.
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The interest rates are based on the Federal short-term rate and determined by the IRS on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter.
(See ITT's Online Archives 12011357 for summary of the IRS announcing the first quarter interest rates and 12032634 for the second quarter interest rates.)