81_FR_53652 81 FR 53496 - Quarterly IRS Interest Rates Used In Calculating Interest on Overdue Accounts and Refunds on Customs Duties

81 FR 53496 - Quarterly IRS Interest Rates Used In Calculating Interest on Overdue Accounts and Refunds on Customs Duties

DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection

Federal Register Volume 81, Issue 156 (August 12, 2016)

Page Range53496-53497
FR Document2016-19167

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 remain the same from the previous quarter. For the calendar quarter beginning July 1, 2016, the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the interest rate for underpayments will be 4 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel.

Federal Register, Volume 81 Issue 156 (Friday, August 12, 2016) 
[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53496-53497]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19167]


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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 on 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 remain the same from the previous quarter. For the calendar 
quarter beginning July 1, 2016, the interest rates for overpayments 
will be 3 percent for corporations and 4 percent for non-corporations, 
and the interest rate for underpayments will be 4 percent for both 
corporations and non-corporations. This notice is published for the 
convenience of the importing public and U.S. Customs and Border 
Protection personnel.

DATES: Effective Date: July 1, 2016.

FOR FURTHER INFORMATION CONTACT: Kara N. Welty, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 614-4614.

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 2016-12, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2016, and ending on 
September 30, 2016. The interest rate paid to the Treasury for 
underpayments will be the Federal short-term rate (1%) plus three 
percentage points (3%) for a total of four percent (4%) for both 
corporations and non-corporations. For corporate overpayments, the rate 
is the Federal short-term rate (1%) plus two percentage points (2%) for 
a total of three percent (3%). For overpayments made by non-
corporations, the rate is the Federal short-term rate (1%) plus three 
percentage points (3%) for a total of four percent (4%). These interest 
rates are subject to change for the calendar quarter beginning October 
1, 2016, and ending December 31, 2016.
    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 before July of 1974 to date, to 
calculate interest on overdue accounts and refunds of customs duties, 
is published in summary format.

 
----------------------------------------------------------------------------------------------------------------
                                                                                                  Corporate
    Beginning date          Ending date           Under-payments         Over-payments       overpayments  (Eff.
                                                    (percent)              (percent)         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

[[Page 53497]]

 
            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                 093016                      4                      4                     3
----------------------------------------------------------------------------------------------------------------


    Dated: August 8, 2016.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2016-19167 Filed 8-11-16; 8:45 am]
 BILLING CODE 9111-14-P

53496 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices in OMB’s receipt and processing of mail interest on overdue accounts The interest rates are based on the sent through the U.S. Postal Service, (underpayments) and refunds Federal short-term rate and determined commenters are encouraged to submit (overpayments) of customs duties will by the Internal Revenue Service (IRS) on their comments to OMB via email to: remain the same from the previous behalf of the Secretary of the Treasury OIRA_Submission@omb.eop.gov. quarter. For the calendar quarter on a quarterly basis. The rates effective Although commenters are encouraged to beginning July 1, 2016, the interest rates for a quarter are determined during the send their comments via email, for overpayments will be 3 percent for first-month period of the previous commenters may also fax their corporations and 4 percent for non- quarter. comments to: 202–395–7285. corporations, and the interest rate for In Revenue Ruling 2016–12, the IRS Commenters may also mail them to: underpayments will be 4 percent for determined the rates of interest for the Office of Management and Budget, both corporations and non-corporations. calendar quarter beginning July 1, 2016, Office of Information and Regulatory This notice is published for the and ending on September 30, 2016. The Affairs, New Executive Office Building, convenience of the importing public interest rate paid to the Treasury for Room 10102, Washington, DC 20503. and U.S. Customs and Border Protection underpayments will be the Federal Summer King, personnel. short-term rate (1%) plus three Statistician. DATES: Effective Date: July 1, 2016. percentage points (3%) for a total of four [FR Doc. 2016–19214 Filed 8–11–16; 8:45 am] FOR FURTHER INFORMATION CONTACT: Kara percent (4%) for both corporations and BILLING CODE 4162–20–P N. Welty, Revenue Division, Collection non-corporations. For corporate and Refunds Branch, 6650 Telecom overpayments, the rate is the Federal Drive, Suite #100, Indianapolis, Indiana short-term rate (1%) plus two 46278; telephone (317) 614–4614. percentage points (2%) for a total of DEPARTMENT OF HOMELAND SUPPLEMENTARY INFORMATION: three percent (3%). For overpayments SECURITY made by non-corporations, the rate is U.S. Customs and Border Protection Background the Federal short-term rate (1%) plus Pursuant to 19 U.S.C. 1505 and three percentage points (3%) for a total Quarterly IRS Interest Rates Used In Treasury Decision 85–93, published in of four percent (4%). These interest Calculating Interest on Overdue the Federal Register on May 29, 1985 rates are subject to change for the Accounts and Refunds on Customs (50 FR 21832), the interest rate paid on calendar quarter beginning October 1, Duties applicable overpayments or 2016, and ending December 31, 2016. AGENCY: U.S. Customs and Border underpayments of customs duties must For the convenience of the importing Protection, Department of Homeland be in accordance with the Internal public and U.S. Customs and Border Security. Revenue Code rate established under 26 Protection personnel the following list ACTION: General notice. U.S.C. 6621 and 6622. Section 6621 of IRS interest rates used, covering the provides different interest rates period from before July of 1974 to date, SUMMARY: This notice advises the public applicable to overpayments: One for to calculate interest on overdue that the quarterly Internal Revenue corporations and one for non- accounts and refunds of customs duties, Service interest rates used to calculate corporations. is published in summary format. Corporate overpayments Under-payments Over-payments Beginning date Ending date (Eff. 1–1–99) (percent) (percent) (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 mstockstill on DSK3G9T082PROD with NOTICES 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 VerDate Sep<11>2014 18:42 Aug 11, 2016 Jkt 238001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\12AUN1.SGM 12AUN1

Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices 53497 Corporate overpayments Under-payments Over-payments Beginning date Ending date (Eff. 1–1–99) (percent) (percent) (percent) 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 093016 4 4 3 Dated: August 8, 2016. addition, participants will be able to option 2, or by emailing ACE.Support@ R. Gil Kerlikowske, submit requests for further review, cbp.dhs.gov for assistance. Commissioner. requests for accelerated disposition, SUPPLEMENTARY INFORMATION: [FR Doc. 2016–19167 Filed 8–11–16; 8:45 am] requests to set aside denial of further review, and requests to void denial of a I. The National Customs Automation BILLING CODE 9111–14–P protest electronically in ACE. This Program notice also announces the testing of The National Customs Automation DEPARTMENT OF HOMELAND electronic protest status notifications Program (NCAP) was established by SECURITY from CBP. The test will be known as the Subtitle B of Title VI—Customs ACE Protest Test. Modernization in the North American U.S. Customs and Border Protection Free Trade Agreement Implementation DATES: The ACE Protest Test will commence on August 29, 2016, and will Act (Customs Modernization Act) (Pub. National Customs Automation L. 103–182, 107 Stat. 2057, 2170, Program (NCAP) Test Concerning continue until concluded by a notice published in the Federal Register. December 8, 1993) (19 U.S.C. 1411). Electronic Filing of Protests in the Through NCAP, the thrust of customs Automated Commercial Environment Comments concerning this notice and any aspect of the test may be submitted modernization was on trade compliance (ACE) and the development of the Automated at any time during the test to the AGENCY: U.S. Customs and Border address set forth below. Commercial Environment (ACE), the Protection, Department of Homeland planned successor to the Automated ADDRESSES: Comments concerning this Commercial System (ACS). ACE is an Security. notice and any aspect of the ACE Protest automated and electronic system for ACTION: General notice. Test may be submitted at any time commercial trade processing which is SUMMARY: This document announces during the testing period via email to intended to streamline business U.S. Customs and Border Protection’s Josephine Baiamonte, ACE Business processes, facilitate growth in trade, (CBP’s) plan to conduct a National Office (ABO), Office of Trade at ensure cargo security, and foster Customs Automation Program (NCAP) josephine.baiamonte@cbp.dhs.gov. In participation in global commerce, while test to assess new functionalities related the subject line of your email, please ensuring compliance with U.S. laws and to the electronic filing and processing of indicate, ‘‘Comment on ACE Protest regulations and reducing costs for U.S. protests and new notification Test FRN.’’ Customs and Border Protection (CBP) mstockstill on DSK3G9T082PROD with NOTICES procedures for protests filed FOR FURTHER INFORMATION CONTACT: For and all of its communities of interest. electronically in the Automated technical questions related to the The ability to meet these objectives Commercial Environment (ACE). During application or requests for an ACE depends on successfully modernizing the test, participants will be able to Portal Account, including ACE Protest CBP’s business functions and the submit additional arguments and Filer Accounts, contact the ACE information technology that supports supporting information electronically, Account Service Desk by calling 1–866– those functions. CBP’s modernization with their electronic protest in ACE. In 530–4172, selecting option 1, then efforts are accomplished through phased VerDate Sep<11>2014 18:42 Aug 11, 2016 Jkt 238001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 E:\FR\FM\12AUN1.SGM 12AUN1


Document Created: 2018-02-09 11:33:12
Document Modified: 2018-02-09 11:33:12
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionGeneral notice.
DatesEffective Date: July 1, 2016.
ContactKara N. Welty, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4614.
FR Citation81 FR 53496 
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