[Federal Register Volume 88, Number 11 (Wednesday, January 18, 2023)]
[Notices]
[Pages 2957-2958]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00836]


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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 of Customs Duties

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

ACTION: General notice.

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SUMMARY: This notice advises the public that the quarterly Internal 
Revenue Service interest rates used to calculate interest on overdue 
accounts (underpayments) and refunds (overpayments) of customs duties 
will increase from the previous quarter. For the calendar quarter 
beginning January 1, 2023, the interest rates for overpayments will be 
6 percent for corporations and 7 percent for non-corporations, and the 
interest rate for underpayments will be 7 percent for both corporations 
and non-corporations. This notice is published for the convenience of 
the importing public and U.S. Customs and Border Protection personnel.

DATES: The rates announced in this notice are applicable as of January 
1, 2023.

FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division, 
Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 298-1107.

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 provides 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 2022-23, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2023, and ending on March 
31, 2023. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (4%) plus three percentage points (3%) 
for a total of seven percent (7%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (4%) plus two percentage points (2%) for a total of six 
percent (6%). For overpayments made by non-corporations, the rate is 
the Federal short-term rate (4%) plus three percentage points (3%) for 
a total of seven percent (7%). These interest rates used to calculate 
interest on overdue accounts (underpayments) and refunds (overpayments) 
of customs duties are increased from the previous quarter. These 
interest rates are subject to change for the calendar quarter beginning 
April 1, 2023, and ending on June 30, 2023.
    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 July of 1974 to date, to calculate 
interest on overdue accounts and refunds of customs duties, is 
published in summary format.

----------------------------------------------------------------------------------------------------------------
                                                                                                     Corporate
                                                               Under-payments     Over-payments    overpayments
               Beginning date                   Ending date       (percent)         (percent)      (eff. 1-1-99)
                                                                                                     (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  ..............

[[Page 2958]]

 
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
040105......................................          093005                 6                 6               5
100105......................................          063006                 7                 7               6
070106......................................          123107                 8                 8               7
010108......................................          033108                 7                 7               6
040108......................................          063008                 6                 6               5
070108......................................          093008                 5                 5               4
100108......................................          123108                 6                 6               5
010109......................................          033109                 5                 5               4
040109......................................          123110                 4                 4               3
010111......................................          033111                 3                 3               2
040111......................................          093011                 4                 4               3
100111......................................          033116                 3                 3               2
040116......................................          033118                 4                 4               3
040118......................................          123118                 5                 5               4
010119......................................          063019                 6                 6               5
070119......................................          063020                 5                 5               4
070120......................................          033122                 3                 3               2
040122......................................          063022                 4                 4               3
070122......................................          093022                 5                 5               4
100122......................................          123122                 6                 6               5
010123......................................          033123                 7                 7               6
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    Dated: January 11, 2023.
Jeffrey Caine,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2023-00836 Filed 1-17-23; 8:45 am]
BILLING CODE 9111-14-P