Quarterly IRS Interest Rates Relating to Customs Duties

(World Trade Interactive)

U.S. Customs and Border Protection has updated its quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter beginning Jan. 1, 2012, the interest rates for overpayments are 2% for corporations and 3% for non-corporations, and the interest rate for underpayments is 3%. These rates are unchanged from the previous quarter.