[Federal Register: January 23, 2003 (Volume 68, Number 15)]
[Notices]
[Page 3308-3309]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr23ja03-123]
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DEPARTMENT OF THE TREASURY
Customs Service
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds on Customs Duties
AGENCY: Customs Service, Treasury.
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, 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: January 1, 2003.
FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services
Division, Accounts Receivable Group, 6026 Lakeside Boulevard,
Indianapolis, Indiana 46278, (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
shall 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 2002-70 (see, 2002-50 IRB 1, dated December 16,
2002), the IRS determined the rates of interest for the calendar
quarter beginning January 1, 2003, and ending March 31, 2003. The
interest rate paid to the Treasury for underpayments will be the
Federal short-term rate (3%) plus two percentage points (2%) for a
total of five percent (5%). For corporate overpayments, the rate is the
Federal short-term rate (3%) plus one percentage point (1%) for a total
of four percent (4%). For overpayments made by non-corporations, the
rate is the Federal short-term rate (3%) plus two percentage points
(2%) for a total of five percent (5%). These interest rates are subject
to change for the calendar quarter beginning April 1, 2003, and ending
June 30, 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
Underpayments Overpayments overpayments
Beginning date Ending date (percent) (percent) (Eff. 1-1-99)
(percent)
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Prior to
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 ...............
[[Page 3309]]
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...................................... 033103 5 5 4
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Dated: January 17, 2003.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 03-1445 Filed 1-22-03; 8:45 am]
BILLING CODE 4820-02-P