Third Quarter FY 2004 Interest Rates for Overpayments and Underpayments of Customs Duties
U.S. Customs and Border Protection (CBP) has issued a notice announcing that the interest rates for the third quarter of fiscal year (FY) 2004 (April 1, 2004 - June 30, 2004) for overpayments and underpayments of Customs duties are:
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
- for overpayments by corporations
- for overpayments by non-corporations
- for underpayments
According to CBP, these interest rates are based on the short-term Federal rate and determined by the Internal Revenue Service (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.
Interest Rates Are 1% Higher than FY 2004 Second Quarter Rates
The interest rates for overpayments by corporations and non-corporations and for underpayments for the third quarter of FY 2004 are each 1% higher than the corresponding rates in effect for the second quarter of FY 2004 (January 1, 2004 - March 31, 2004).
(See ITT's Online Archives or 12/18/03 news, 03121810, for BP summary on interest rates for FY 2004 second quarter.)
CBP contact - Trong Quan (317) 614-4516
CBP notice (FR Pub 04/06/04) available at
http://a257.g.akamaitech.net/7/257/2422/06apr20040800/edocket.access.gpo.gov/2004/pdf/04-7662.pdf.