Third Quarter 2010 CBP Interest Rates Unchanged

May 25, 2010 by Kelly Sly|Other Agency Postings

According to an Internal Revenue Service press release, the interest rates for the third quarter of calendar year 2010 (July 1 -- September 30, 2010) for overpayments and underpayments of Customs duties are as follows:

3% for overpayments by corporations;
4% for overpayments by non-corporations; and
4% for underpayments.

Interest Rates are Unchanged from Second Quarter 2010 Rates

These interest rates are unchanged from the corresponding rates in effect for the second quarter of calendar year 2010 (April 1 -- June 30, 2010).

(U.S. Customs and Border Protection (CBP) has previously stated that these interest rates are based on the short-term Federal rate and determined by the IRS on behalf of the Treasury Secretary on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter.)

(See ITT’s Online Archives or 03/03/10 news, 10030320, for BP summary of the second quarter 2010 interest rates.)