Finance & markets · 23/01/1997

IRS Interest Rates Used To Calculate Interest on Overpayments and Underpayments of Customs Duties

The Internal Revenue Service (IRS) has issued a notice advising the public of the interest rates used to calculate interest on overdue customs duties and refunds since July 1, 1975. The interest rates for overpayments and underpayments will remain unchanged at 8% and 9%, respectively, for the quarter beginning January 1, 1997.