Second Quarter FY 2006

Interest Rates Unchanged

for Overpayments and Underpayments

of Customs Duties

 

 

 

According to an Internal Revenue Service (IRS) press release, the interest rates for the second quarter of fiscal year (FY) 2006 (January 1, 2006 – March 31, 2006) for overpayments and underpayments of Customs duties are:

 

6% for overpayments by corporations

7% for overpayments by non-corporations

7% for underpayments

 

U.S. Customs and Border Protection (CBP) has previously stated that these interest rates are based on the short-term Federal rate and determined by the IRS on behalf of the Treasury Secretary on a quarterly basis.  The rates effective for a quarter are determined during the first-month period of the previous quarter.

 

Interest Rates Are Unchanged from First Quarter FY 2006 Rates

 

The interest rates for overpayments by corporations and non-corporations and for underpayments for the second quarter of FY 2006 are unchanged from the corresponding rates in effect ... ( More )

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Excerpt from December 21, 2005

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