| Page Range | 54130-54131 | |
| FR Document | 2018-23469 |
[Federal Register Volume 83, Number 208 (Friday, October 26, 2018)] [Notices] [Pages 54130-54131] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-23469] [[Page 54130]] ----------------------------------------------------------------------- DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection [ADM-9-03 OT:RR:RD:TC H300753 MS] 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. ----------------------------------------------------------------------- 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 October 1, 2018, the interest rates for overpayments will be 4 percent for corporations and 5 percent for non-corporations, and the interest rate for underpayments will be 5 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: The rates announced in this notice are applicable as of October 1, 2018. FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division, Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 298-1107. 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 2018-25, the IRS determined the rates of interest for the calendar quarter beginning October 1, 2018, and ending on December 31, 2018. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (2%) plus two percentage points (2%) for a total of four percent (4%). For overpayments made by non- corporations, the rate is the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%). These interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are the same from the previous quarter. These interest rates are subject to change for the calendar quarter beginning January 1, 2019, and ending March 31, 2019. 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 July of 1974 to date, to calculate interest on overdue accounts and refunds of customs duties, is published in summary format. ---------------------------------------------------------------------------------------------------------------- Corporate Under payments Overpayments overpayments Beginning date Ending date (percent) (percent) (Eff. 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 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 [[Page 54131]] 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.......................................... 033118 4 4 3 040118.......................................... 123118 5 5 4 ---------------------------------------------------------------------------------------------------------------- Dated: October 23, 2018. Samuel D. Grable, Assistant Commissioner and Chief Financial Officer, Office of Finance. [FR Doc. 2018-23469 Filed 10-25-18; 8:45 am] BILLING CODE 9111-14-P
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | General notice. | |
| Dates | The rates announced in this notice are applicable as of October 1, 2018. | |
| Contact | Bruce Ingalls, Revenue Division, Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 298-1107. | |
| FR Citation | 83 FR 54130 |