94-25595. Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties

[Federal Register Volume 59, Number 199 (Monday, October 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25595]


[[Page Unknown]]

[Federal Register: October 17, 1994]


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DEPARTMENT OF THE TREASURY
Customs Service

 

Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: U.S. Customs Service, Department of the Treasury.

ACTION: Notice of calculation and interest.

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SUMMARY: This notice advises the public of an increase in the quarterly 
Internal Revenue Service interest rates used to calculate interest on 
overdue accounts and refunds of Customs duties. For the quarter 
beginning October 1, 1994, the rates will be 8 percent for overpayments 
and 9 percent for underpayments. This notice is published for the 
convenience of the importing public and Customs personnel.

EFFECTIVE DATE: October 1, 1994.

FOR FURTHER INFORMATION CONTACT: John V. Accetturo, U.S. Customs 
Service, National Finance Center, Revenue Accounting Branch, 6026 
Lakeside Boulevard, Indianapolis, Indiana 46278, [phone].

SUPPLEMENTARY INFORMATION:

Background

    Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, published 
in the Federal Register on May 29, 1985 (50 FR 21832), the interest 
rate paid on applicable overpayments or underpayments of Customs duties 
shall be in accordance with the Internal Revenue Code rate established 
under 26 U.S.C. 6621 and 6622. Interest rates are determined based on 
the short-term Federal rate. The interest rate that Treasury pays on 
overpayments will be the short-term Federal rate plus two percentage 
points. The interest rate paid to the Treasury for underpayments will 
be the short-term Federal rate plus three percentage points. The rates 
will be rounded to the nearest full percentage.
    The interest rates are determined by the Internal Revenue Service 
on behalf of the Secretary of the Treasury based on the average market 
yield on outstanding marketable obligations of the U.S. with remaining 
periods to maturity of 3 years or less, and fluctuate quarterly. The 
rates effective for a quarter are determined during the first-month 
period of the previous quarter. The rates of interest for the first 
quarter of fiscal year (FY) 1995 (the period of October 1-December 31, 
1994) are increased to 8 percent for overpayments and 9 percent for 
underpayments. These rates will remain in effect through December 31, 
1994, and are subject to change for the second quarter of FY-1995 (the 
period of January 1-March 31, 1995).

    Dated: October 11, 1994.
George J. Weise,
Commissioner of Customs.
[FR Doc. 94-25595 Filed 10-14-94; 8:45 am]
BILLING CODE 4870-02-P