2018-15179. Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties  

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    AGENCY:

    U.S. Customs and Border Protection, Department of Homeland Security.

    ACTION:

    General notice.

    SUMMARY:

    This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning July 1, 2018, the interest rates for overpayments will be 4 percent for corporations and 5 percent for non-corporations, and the interest rate for underpayments will be 5 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel.

    DATES:

    The rates announced in this notice are applicable as of July 1, 2018.

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    FOR FURTHER INFORMATION CONTACT:

    Shawn Kaus, Revenue Division, Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4485.

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    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 must be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Section 6621 provides different interest rates applicable to overpayments: One for corporations and one for non-corporations.

    The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (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.

    In Revenue Ruling 2018-18, the IRS determined the rates of interest for the calendar quarter beginning July 1, 2018, and ending on September 30, 2018. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (2%) plus two percentage points (2%) for a total of four percent (4%). For overpayments made by non-corporations, the rate is the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%). These interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are the same from the previous quarter. These interest rates are subject to change for the calendar quarter beginning October 1, 2018, and ending December 31, 2018.

    For the convenience of the importing public and U.S. Customs and Border Protection personnel the following list of IRS interest rates used, covering the period from July of 1974 to date, to calculate interest on overdue accounts and refunds of customs duties, is published in summary format.

    Beginning dateEnding dateUnder- payments (percent)Over- payments (percent)Corporate overpayments (eff. 1-1-99) (percent)
    07017406307566
    07017501317699
    02017601317877
    02017801318066
    0201800131821212
    0201821231822020
    0101830630831616
    0701831231841111
    0101850630851313
    0701851231851111
    0101860630861010
    07018612318699
    01018709308798
    100187123187109
    0101880331881110
    Start Printed Page 33233
    040188093088109
    1001880331891110
    0401890930891211
    1001890331911110
    040191123191109
    01019203319298
    04019209309287
    10019206309476
    07019409309487
    10019403319598
    040195063095109
    07019503319698
    04019606309687
    07019603319898
    04019812319887
    010199033199776
    040199033100887
    040100033101998
    040101063001887
    070101123101776
    010102123102665
    010103093003554
    100103033104443
    040104063004554
    070104093004443
    100104033105554
    040105093005665
    100105063006776
    070106123107887
    010108033108776
    040108063008665
    070108093008554
    100108123108665
    010109033109554
    040109123110443
    010111033111332
    040111093011443
    100111033116332
    040116033118443
    040118093018554
    Start Signature

    Dated: July 11, 2018.

    Samuel D. Grable,

    Assistant Commissioner and Chief Financial Officer, Office of Finance.

    End Signature End Supplemental Information

    [FR Doc. 2018-15179 Filed 7-16-18; 8:45 am]

    BILLING CODE 9111-14-P

Document Information

Published:
07/17/2018
Department:
Homeland Security Department
Agency:
U.S. Customs and Border Protection
EntryType:
Notice
Action:
General notice.
Document Number:
2018-15179
Dates:
The rates announced in this notice are applicable as of July 1, 2018.
Pages:
33232-33233 (2 pages)
SectionNoes:
PDF File:
2018-15179.pdf