[Federal Register Volume 62, Number 15 (Thursday, January 23, 1997)]
[Notices]
[Pages 3561-3562]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1556]
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DEPARTMENT OF THE TREASURY
Customs Service
[T.D. 97-4]
IRS Interest Rates Used To Calculate Interest on Overpayments and
Underpayments of Customs Duties
AGENCY: Customs Service, Treasury.
ACTION: General notice.
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SUMMARY: This notice advises the public of the Internal Revenue Service
interest rates used, since July 1, 1975, to calculate interest on
overdue accounts and refunds of Customs duties. This notice also
advises the public that for the quarter beginning January 1, 1997, the
interest rates will not change from the 8 percent for overpayments and
9 percent for underpayments established July 1, 1996. This notice is
published for the convenience of the importing public and Customs
personnel.
[[Page 3562]]
EFFECTIVE DATE: January 1, 1997.
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 second
quarter of fiscal year (FY) 1997 (the period of January 1-March 31,
1997) will continue to remain the same as those that were published for
the quarter beginning July 1, 1996: 8 percent for overpayments and 9
percent for underpayments. These rates will remain in effect through
March 31, 1997, and are subject to change for the third quarter of FY-
1997 (the period of April 1-June 30, 1997).
For the convenience of the importing public and Customs personnel
the following list of Internal Revenue Service interest rates used,
since July 1, 1975 to date, to calculate interest on overdue accounts
and refunds of Customs duties, is published in summary format.
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Ending Underpayments Overpayments
Beginning date date (percent) (percent)
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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 033197 9 8
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Dated: January 15, 1997.
George J. Weise,
Commissioner of Customs.
[FR Doc. 97-1556 Filed 1-22-97; 8:45 am]
BILLING CODE 4820-02-P