[Federal Register Volume 61, Number 117 (Monday, June 17, 1996)] [Notices] [Page 30667] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-15317] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Customs Service Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties AGENCY: Customs Service, Treasury. ACTION: Notice of calculation and interest. ----------------------------------------------------------------------- SUMMARY: This notice advises the public of an increase in the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts and refunds of Customs duties. For the quarter beginning July 1, 1996, the rates will be 8 percent for overpayments and 9 percent for underpayments. This notice is published for the convenience of the importing public and Customs personnel. EFFECTIVE DATE: July 1, 1996. FOR FURTHER INFORMATION CONTACT: Harry Bunn, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278, (317) 298-1200, extension 1252. 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 shall be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Interest rates are determined based on the short-term Federal rate. The interest rate that Treasury pays on overpayments will be the short-term Federal rate plus two percentage points. The interest rate paid to the Treasury for underpayments will be the short-term Federal rate plus three percentage points. The rates will be rounded to the nearest full percentage. The interest rates are determined by the Internal Revenue Service on behalf of the Secretary of the Treasury based on the average market yield on outstanding marketable obligations of the U.S. with remaining periods to maturity of 3 years or less, and fluctuate quarterly. The rates effective for a quarter are determined during the first- month period of the previous quarter. The rates of interest for the fourth quarter of fiscal year (FY) 1996 (the period of July 1-September 30, 1996) are increased to 8 percent for overpayments and 9 percent for underpayments. These rates will remain in effect through September 30, 1996, and are subject to change for the first quarter of FY-1997 (the period of October 1-December 31, 1996). Dated: June 12, 1996. Samuel H. Banks, Acting Commissioner of Customs. [FR Doc. 96-15317 Filed 6-14-96; 8:45 am] BILLING CODE 4820-02-P