[Federal Register Volume 88, Number 194 (Tuesday, October 10, 2023)]
[Notices]
[Pages 69937-69939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-22413]


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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.

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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
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[[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