💰Changes in IRS Interest Rates Affecting Customs Duties for Businesses
Quarterly Internal Revenue Service Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds of Customs Duties
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 decrease from the previous quarter. For the calendar quarter beginning January 1, 2025, the interest rates for underpayments will be 7 percent for both corporations and non-corporations. The interest rate for overpayments will be 7 percent for non-corporations and 6 percent for corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel.
Agencies
- Homeland Security Department
- U.S. Customs and Border Protection
Business Impact
$$ - Med
The notice outlines changes in IRS interest rates for overdue customs duty payments and refunds, affecting cash flow and financial obligations of businesses engaged in importing. The new interest rates can directly impact financial planning and compliance with customs regulations, particularly from January 1, 2025.