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

CourtHomeland Security Department,U.s. Customs And Border Protection
Citation87 FR 15445
Record Number2022-05688
Published date18 March 2022
Federal Register, Volume 87 Issue 53 (Friday, March 18, 2022)
[Federal Register Volume 87, Number 53 (Friday, March 18, 2022)]
                [Notices]
                [Pages 15445-15446]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2022-05688]
                -----------------------------------------------------------------------
                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.
                -----------------------------------------------------------------------
                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 April 1, 2022, the interest rates for overpayments will be 3
                percent for corporations and 4 percent for non-corporations, and the
                interest rate for underpayments will be 4 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 April 1,
                2022.
                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 2022-05, the IRS determined the rates of interest
                for the calendar quarter beginning April 1, 2022, and ending on June
                30, 2022. The interest rate paid to the Treasury for underpayments will
                be the Federal short-term rate (1%) plus three percentage points (3%)
                for a total of four percent (4%) for both corporations and non-
                corporations. For corporate overpayments, the rate is the Federal
                short-term rate (1%) plus two percentage points (2%) for a total of
                three percent (3%). For overpayments made by non-corporations, the rate
                is the Federal short-term rate (1%) plus three percentage points (3%)
                for a total of four percent (4%). 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 July 1, 2022, and ending on September 30, 2022.
                 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 .................
                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 .................
                [[Page 15446]]
                
                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
                ----------------------------------------------------------------------------------------------------------------
                 Dated: March 11, 2022.
                Jeffrey Caine,
                Chief Financial Officer, U.S. Customs and Border Protection.
                [FR Doc. 2022-05688 Filed 3-17-22; 8:45 am]
                BILLING CODE 9111-14-P
                

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