On March 18, 2022, U.S. Customs and Border Protection (CBP) issued a notice in the Federal Register advising that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of Customs duties will increase by one percent from the previous period.
For the calendar quarter beginning April 1, 2022, and ending on June 30, 2022, the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the interest rate for underpayments will be 4 percent for both corporations and non-corporations.
The interest rate stayed consistent throughout 2021 at 3% and 2% for under- and over-payments, respectively. This quarter’s announcement marks the first interest rate increase used in calculating Customs duties since July of 2020.
The following table is a summary of year-over-year interest rates provided by CBP in the Federal Register notice.
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