CBP Publishes Quarterly Interest Rates for Customs Duties Underpayments and Refunds

CBP published the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refund (overpayments) of customs duties. For the quarter which began Jan. 1 and ends March. 31, the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the rate of underpayments will be 3 percent for corporations and non-corporations. These interest rates are subject to change for the calendar quarter beginning April 1 and ending June 30, said CBP.