[Federal Register: October 16, 2003 (Volume 68, Number 200)]
[Notices]
[Page 59630-59631]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16oc03-106]
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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 October 1, 2003, 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. This notice is published for the convenience of the importing
public and Customs personnel.
EFFECTIVE DATE: October 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, Pub. L. 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 2003-104 (see, 2003-39 IRB --, dated September
29, 2003), the IRS determined the rates of interest for the calendar
quarter beginning October 1, 2003, and ending December 31, 2003. 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 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 are
subject to change for the calendar quarter beginning January 1, 2004,
and ending March 31, 2004.
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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070174.......................................... 063075 6 6 ..............
[[Page 59631]]
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
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.......................................... 123103 4 4 3
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Dated: October 8, 2003.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 03-26109 Filed 10-15-03; 8:45 am]
BILLING CODE 4820-02-P