[Federal Register Volume 62, Number 218 (Wednesday, November 12, 1997)]
[Notices]
[Pages 60747-60748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29663]


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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: Customs Service, Treasury.

ACTION: General notice.

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SUMMARY: This notice advises the public of 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, 1997, the rates will remain at 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, 1997.

FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services 
Division, Accounts Receivable Group, 6026 Lakeside Boulevard, 
Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.

[[Page 60748]]

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 
(IRS) 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 IRS announced September 12, 1997, that the rates of interest 
for the first quarter of fiscal year (FY) 1998 (the period of October 
1-December 31, 1997) will remain at 8 percent for overpayments and 9 
percent for underpayments. These interest rates are subject to change 
for the second quarter of FY-1998 (the period of January 1-March 31, 
1998).
    For the convenience of the importing public and Customs personnel 
the following list of Internal Revenue Service interest rates used, 
since July 1, 1975 to date, to calculate interest on overdue accounts 
and refunds of Customs duties, is published in summary format.

------------------------------------------------------------------------
                                       Under-payments     Over-payments 
  Beginning date      Ending date        (percent)          (percent)   
------------------------------------------------------------------------
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...........       033197                  9                 8     
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    Dated: November 5, 1997.
Samuel H. Banks,
Acting Commissioner of Customs.
[FR Doc. 97-29663 Filed 11-10-97; 8:45 am]
BILLING CODE 4820-02-P