Third Quarter FY 2004 Interest Rates for Overpayments and Underpayments of Customs Duties
U.S. Customs and Border Protection (CBP) has issued a notice announcing that the interest rates for the third quarter of fiscal year (FY) 2004 (April 1, 2004 - June 30, 2004) for overpayments and underpayments of Customs duties are:
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- for overpayments by corporations
- for overpayments by non-corporations
- for underpayments
According to CBP, these interest rates are based on the short-term Federal rate and determined by the Internal Revenue Service (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 1% Higher than FY 2004 Second Quarter Rates
The interest rates for overpayments by corporations and non-corporations and for underpayments for the third quarter of FY 2004 are each 1% higher than the corresponding rates in effect for the second quarter of FY 2004 (January 1, 2004 - March 31, 2004).
(See ITT's Online Archives or 12/18/03 news, 03121810, for BP summary on interest rates for FY 2004 second quarter.)
CBP contact - Trong Quan (317) 614-4516
CBP notice (FR Pub 04/06/04) available at
http://a257.g.akamaitech.net/7/257/2422/06apr20040800/edocket.access.gpo.gov/2004/pdf/04-7662.pdf.