U.S. CUSTOMS AND BORDER PROTECTION ISSUES NOTICE: QUARTERLY INTERNAL REVENUE SERVICE INTEREST RATES USED IN CALCULATING INTEREST ON OVERDUE ACCOUNTS AND REFUNDS OF CUSTOMS DUTIES

WASHINGTON, Feb. 5 -- U.S. Customs and Border Protection has issued a notice called: Quarterly Internal Revenue Service Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds of Customs Duties.

The notice was published in the Federal Register on Feb. 5 by Crinley S. Hoover, Acting Chief Financial Officer, U.S. Customs and Border Protection.

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 decrease from the previous quarter. For the calendar quarter beginning January 1, 2025, the interest rates for underpayments will be 7 percent for both corporations and non...