[Federal Register: October 17, 2005 (Volume 70, Number 199)]
[Notices]
[Page 60362-60363]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17oc05-99]
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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, 2005, the interest rates
for overpayments will be 6 percent for corporations and 7 percent for
non-corporations, and the interest rate for underpayments will be 7
percent. This notice is published for the convenience of the importing
public and Customs and Border Protection personnel.
EFFECTIVE DATES: October 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, 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 2005-62, the IRS determined the rates of interest
for the calendar quarter beginning October 1, 2005, and ending December
31, 2005. The interest rate paid to the Treasury for underpayments will
be the Federal short-term rate (4%) plus three percentage points (3%)
for a total of seven percent (7%). For corporate overpayments, the rate
is the Federal short-term rate (4%) plus two percentage points (2%) for
a total of six percent (6%). For overpayments made by non-corporations,
the rate is the Federal short-term rate (4%) plus three percentage
points (3%) for a total of seven percent (7%). These interest rates are
subject to change for the calendar quarter beginning January 1, 2005,
and ending March 31, 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.
[[Page 60363]]
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Corporate
Beginning Ending Underpayments Overpayments overpayments
date date (percent) (percent) (Eff. 1-1-99)
(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 ..............
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 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 123105 7 7 6
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Dated: October 11, 2005.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 05-20649 Filed 10-14-05; 8:45 am]
BILLING CODE 9110-06-P