📉Quarterly IRS Interest Rates for Customs Duties Announced
Quarterly IRS 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 remain the same from the previous quarter. For the calendar quarter beginning April 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 provides critical information on IRS interest rates for customs duties overpayments and underpayments. It directly impacts business owners involved in importing goods by determining the financial obligations and refunds associated with customs duties. The specified rates can affect cash flow and financial planning.