CBP ISSUES GENERAL NOTICE ON UPDATE TO INTEREST RATES FOR OVERDUE ACCOUNTS AND REFUNDS OF CUSTOMS DUTIES
August 19, 2023
On July 5, 2023, CBP issued a General Notice to advise the public that the quarterly Internal Revenue Service (“IRS”) interest rates that are used to calculate interest on overdue accounts (i.e., underpayments) and refunds (i.e., overpayments) of customs duties will remain unchanged from the previous quarter. This means the interest rates for overpayments will remain at 6% for corporations and 7% for non-corporations, while the interest rates for underpayments will remain at 7% for both corporations and non-corporations.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com 202-659-6622) or Drew Derco (dderco@eckertseamans.com 202-659-6665).
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