[Federal Register: January 26, 2005 (Volume 70, Number 16)]
[Notices]
[Page 3725-3726]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ja05-101]
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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 January 1, 2005, 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 and Border Protection personnel.
EFFECTIVE DATE: January 1, 2005.
FOR FURTHER INFORMATION CONTACT: Trong Quan, National Finance Center,
Collections Section, 6026 Lakeside Boulevard, 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, 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 2004-111, the IRS determined the rates of
interest for the calendar quarter beginning January 1, 2005, and ending
March 31, 2005. 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 April 1, 2005, and ending June 30, 2005.
For the convenience of the importing public and 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.
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Corporate
Underpayments Overpayments 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
040198.................................. 123198..................... 8 7
010199.................................. 033199..................... 7 7 6
040199.................................. 033100..................... 8 8 7
[[Page 3726]]
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
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Dated: January 19, 2005.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 05-1382 Filed 1-25-05; 8:45 am]
BILLING CODE 4820-02-P