[Federal Register Volume 64, Number 204 (Friday, October 22, 1999)]
[Notices]
[Pages 57184-57185]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27622]
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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 (underpayments) and refunds (overpayments) of Customs duties.
For the quarter beginning October 1, 1999, the interest rates for
overpayments will be 7 percent for corporations and 8 percent for non-
corporations, and the interest rate for underpayments will be 8
percent. This notice is published for the convenience of the importing
public and Customs personnel.
EFFECTIVE DATE: October 1, 1999.
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. Section 6621 was amended (at paragraph
(a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act
of 1998, Pub.L. 105-206, 112 Stat. 685) to provide different interest
rates applicable to overpayments: one for corporations and one for non-
corporations. The interest rate applicable to underpayments is not so
bifurcated.
The interest rates are based on the short-term Federal rate and
determined by the Internal Revenue Service (IRS) on behalf of the
Secretary of the Treasury on a quarterly basis. The rates effective for
a quarter are determined during the first-month period of the previous
quarter.
In Revenue Ruling 99-36 (see, 1999-35 IRB 319, dated August 30,
1999), the IRS determined the rates of interest for the first quarter
of fiscal year (FY) 2000 (the period of October 1-December 31, 1999).
The interest rate paid to the Treasury for underpayments will be the
short-term Federal rate (5%) plus three percentage points (3%) for a
total of eight percent (8%). For corporate overpayments, the rate is
the Federal short-term rate (5%) plus two percentage points (2%) for a
total of seven percent (7%). For overpayments made by non-corporations,
the rate is the Federal short-term rate (5%) plus three percentage
points (3%) for a total of eight percent (8%). These interest rates are
subject to change for the second quarter of FY-2000 (the period of
January 1-March 31, 2000).
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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Corporate
Beginning date Ending date Under-payments Over-payments overpayments (Eff.
(percent) (percent) 1-1-99) (percent)
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Prior to:
070174...................... 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 ..................
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 ..................
[[Page 57185]]
070195...................... 033196 9 8 ..................
040196...................... 063096 8 7 ..................
070196...................... 033198 9 8 ..................
040198...................... 123198 8 7 ..................
010199...................... 033199 7 7 6
040199...................... 123199 8 8 7
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Dated: October 18, 1999.
Raymond W. Kelly,
Commissioner of Customs.
[FR Doc. 99-27622 Filed 10-21-99; 8:45 am]
BILLING CODE 4820-02-P