[Federal Register Volume 72, Number 192 (Thursday, October 4, 2007)]
[Notices]
[Pages 56782-56784]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-19607]


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DEPARTMENT OF HOMELAND SECURITY

U.S. Customs and Border Protection


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

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

ACTION: General notice.

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[[Page 56783]]

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 October 1, 2007, the interest rates 
for overpayments will remain at 7 percent for corporations and 8 
percent for non-corporations, and the interest rate for underpayments 
will remain at 8 percent. This notice is published for the convenience 
of the importing public and U.S. Customs and Border Protection 
personnel.

DATES: Effective Date: October 1, 2007.

FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite 100, 
Indianapolis, Indiana 46278; telephone (317) 614-4516.

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, (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 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 2007-56, the IRS determined the rates of interest 
for the calendar quarter beginning October 1, 2007, and ending December 
31, 2007. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term 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 calendar quarter beginning 
January 1, 2008, and ending March 31, 2008.
    For the convenience of the importing public and U.S. Customs and 
Border Protection 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.

------------------------------------------------------------------------
                                                             Corporate
  Beginning                      Under-      Overpayments   overpayments
     date       Ending date     payments      (percent)    (Eff. 1-1-99)
                                (percent)                     (percent)
------------------------------------------------------------------------
      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   .............
      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
      100103         033104              4             4         3
      040104         063004              5             5         4
      070104         093004              4             4         3
      100104         033105              5             5         4

[[Page 56784]]

 
      040105         093005              6             6         5
      100105         063006              7             7         6
      070106         123107              8             8         7
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    Dated: October 1, 2007.
W. Ralph Basham,
Commissioner, U.S. Customs and Border Protection.
[FR Doc. E7-19607 Filed 10-3-07; 8:45 am]
BILLING CODE 9111-14-P