[Federal Register Volume 68, Number 129 (Monday, July 7, 2003)]
[Notices]
[Pages 40279-40280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17024]


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DEPARTMENT OF HOMELAND SECURITY

Customs and Border Protection


Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: Customs and Border Protection, Department of Homeland Security.

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 calendar quarter beginning July 1, 2003, the interest rates for 
overpayments will be 4 percent for corporations and 5 percent for non-
corporations, and the interest rate for underpayments will be 5 
percent. This notice is published for the convenience of the importing 
public and Customs personnel.

EFFECTIVE DATE: July 1, 2003.

FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services 
Division, Accounts Receivable Group, 6026 Lakeside Boulevard, 
Indianapolis, Indiana 46278; telephone 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 
must 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, Public Law 105-206, 112 Stat. 685) to provide different 
interest rates applicable to overpayments: one for corporations and one 
for non-corporations.
    The interest rates are based on the Federal short-term 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 2003-63 (see, 2003-25 IRB 1037, dated June 23, 
2003), the IRS determined the rates of interest for the calendar 
quarter beginning July 1, 2003, and ending September 30, 2003. The 
interest rate paid to the Treasury for underpayments will be the 
Federal short-term rate (2%) plus three percentage points (3%) for a 
total of five percent (5%). For corporate overpayments, the rate is the 
Federal short-term rate (2%) plus two percentage points (2%) for a 
total of four percent (4%). For overpayments made by non-corporations, 
the rate is the Federal short-term rate (2%) plus three percentage 
points (3%) for a total of five percent (5%). These interest rates are 
subject to change for the calendar quarter beginning October 1, 2003, 
and ending December 31, 2003.
    For the convenience of the importing public and Customs personnel 
the following list of IRS 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
                                                                            Under       Over-     overpay-ments
           Beginning date                        Ending date              payments    payments    (Eff. 1-1-99)
                                                                          (percent)   (percent)     (percent)
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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

[[Page 40280]]

 
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                               123198                                      8           7
010199                               033199                                      7           7                6
040199                               033100                                      8           8                7
040100                               033101                                      9           9                8
040101                               063001                                      8           8                7
070101                               123101                                      7           7                6
010102                               123102                                      6           6                5
010103                               093003                                      5           5                4
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    Dated: June 30, 2003.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 03-17024 Filed 7-3-03; 8:45 am]
BILLING CODE 4820-02-P