Notice2023-22413
Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds of Customs Duties
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 10, 2023
Issuing agencies
Homeland Security DepartmentU.S. Customs and Border Protection
Abstract
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 increase from the previous quarter. For the calendar quarter beginning October 1, 2023, the interest rates for underpayments will be 8 percent for both corporations and non-corporations. The interest rate for overpayments will be 8 percent for non-corporations and 7 percent for corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel.
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 194 (Tuesday, October 10, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 194 (Tuesday, October 10, 2023)]
[Notices]
[Pages 69937-69939]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-22413]
-----------------------------------------------------------------------
DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds of Customs Duties
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 increase from the previous quarter. For the calendar quarter
beginning October 1, 2023, the interest rates for underpayments will be
8 percent for both corporations and non-corporations. The interest rate
for overpayments will be 8 percent for non-corporations and 7 percent
for 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 October
1, 2023.
FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division,
Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100,
Indianapolis, Indiana 46278; telephone (317) 298-1107.
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 2023-17, the IRS determined the rates of interest
for the calendar quarter beginning October 1, 2023, and ending on
December 31, 2023. The interest rate paid to the Treasury for
underpayments will be the Federal short-term rate (5%) plus three
percentage points (3%) for a total of eight percent (8%) for both
corporations and non-corporations. For overpayments made by non-
corporations, the rate is the Federal short-term rate (5%) plus three
percentage points (3%) for a total of eight percent (8%). For corporate
overpayments, the rate is the Federal short-term rate (5%) plus two
percentage points (2%) for a total of seven percent (7%). These
interest rates used to calculate interest on overdue accounts
(underpayments) and refunds (overpayments) of customs duties increased
from the previous quarter. These interest rates are subject to change
for the calendar quarter
[[Page 69938]]
beginning January 1, 2024, and ending on March 31, 2024.
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.
----------------------------------------------------------------------------------------------------------------
Corporate
Under payments Over payments overpayments
Beginning date Ending date (percent) (percent) (eff. 1-1-99)
(percent)
----------------------------------------------------------------------------------------------------------------
070174.................................... 063075 6 6 ................
070175.................................... 013176 9 9 ................
020176.................................... 013178 7 7 ................
020178.................................... 013180 6 6 ................
020180.................................... 013182 12 12 ................
020182.................................... 123182 20 20 ................
010183.................................... 063083 16 16 ................
070183.................................... 123184 11 11 ................
010185.................................... 063085 13 13 ................
070185.................................... 123185 11 11 ................
010186.................................... 063086 10 10 ................
070186.................................... 123186 9 9 ................
010187.................................... 093087 9 8 ................
100187.................................... 123187 10 9 ................
010188.................................... 033188 11 10 ................
040188.................................... 093088 10 9 ................
100188.................................... 033189 11 10 ................
040189.................................... 093089 12 11 ................
100189.................................... 033191 11 10 ................
040191.................................... 123191 10 9 ................
010192.................................... 033192 9 8 ................
040192.................................... 093092 8 7 ................
100192.................................... 063094 7 6 ................
070194.................................... 093094 8 7 ................
100194.................................... 033195 9 8 ................
040195.................................... 063095 10 9 ................
070195.................................... 033196 9 8 ................
040196.................................... 063096 8 7 ................
070196.................................... 033198 9 8 ................
040198.................................... 123198 8 7 ................
010199.................................... 033199 7 7 6
040199.................................... 033100 8 8 7
040100.................................... 033101 9 9 8
040101.................................... 063001 8 8 7
070101.................................... 123101 7 7 6
010102.................................... 123102 6 6 5
010103.................................... 093003 5 5 4
100103.................................... 033104 4 4 3
040104.................................... 063004 5 5 4
070104.................................... 093004 4 4 3
100104.................................... 033105 5 5 4
040105.................................... 093005 6 6 5
100105.................................... 063006 7 7 6
070106.................................... 123107 8 8 7
010108.................................... 033108 7 7 6
040108.................................... 063008 6 6 5
070108.................................... 093008 5 5 4
100108.................................... 123108 6 6 5
010109.................................... 033109 5 5 4
040109.................................... 123110 4 4 3
010111.................................... 033111 3 3 2
040111.................................... 093011 4 4 3
100111.................................... 033116 3 3 2
040116.................................... 033118 4 4 3
040118.................................... 123118 5 5 4
010119.................................... 063019 6 6 5
070119.................................... 063020 5 5 4
070120.................................... 033122 3 3 2
040122.................................... 063022 4 4 3
070122.................................... 093022 5 5 4
100122.................................... 123122 6 6 5
010123.................................... 093023 7 7 6
100123.................................... 123123 8 8 7
----------------------------------------------------------------------------------------------------------------
[[Page 69939]]
Dated: October 4, 2023.
Jeffrey Caine,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2023-22413 Filed 10-6-23; 8:45 am]
BILLING CODE 9111-14-P
</pre></body>
</html>Indexed from Federal Register on October 10, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.