[Federal Register: July 7, 2003 (Volume 68, Number 129)]
[Notices]
[Page 40279-40280]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07jy03-94]
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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