[Federal Register Volume 63, Number 142 (Friday, July 24, 1998)]
[Notices]
[Pages 39932-39933]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19772]
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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: General notice.
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SUMMARY: This notice advises the public of 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, 1998, the rates will be 7 percent for overpayments and 8 percent for
underpayments. This notice is published for the convenience of the
importing public and Customs personnel.
EFFECTIVE DATE: July 1, 1998.
FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services
Division, Accounts Receivable Group, 6026 Lakeside Boulevard,
Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.
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
(IRS) 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.
In Revenue Ruling 98-32 (1998-25 IRB 4, dated June 22, 1998), the
IRS determined that the rates of interest for the fourth quarter of
fiscal year (FY) 1998 (the period of July 1--September 30, 1998) will
be 7 percent for overpayments and 8 percent for underpayments. These
interest rates are subject to change for the first quarter of FY-1999
(the period of October 1--December 31, 1998).
For the convenience of the importing public and Customs personnel
the following list of Internal Revenue Service interest rates used,
covering the period from before July of 1974 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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Before July.................... 063075 6 6
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
[[Page 39933]]
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......................... 033198 9 8
040198......................... 093098 8 7
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Dated: July 20, 1998.
Samuel H. Banks,
Acting Commissioner of Customs.
[FR Doc. 98-19772 Filed 7-23-98; 8:45 am]
BILLING CODE 4820-02-P