CBP Releases Quarterly Interest Rates for Overdue Accounts and Refunds


In a Federal Register (FRN) notice published on May 13, 2016 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, 2016.

The release specifies that, “the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the interest rate for underpayments will be 4 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.

Read more at expeditors.com

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