Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 37598-37599 [06-5878]
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37598
Federal Register / Vol. 71, No. 126 / Friday, June 30, 2006 / Notices
rwilkins on PROD1PC63 with NOTICES_1
entry summary. (See General Note 29,
HTSUS, for rules of origin.) However, in
some instances, an importer may not be
able to make the claim at that time,
usually because the importer does not
possess all the information or
documentation required. In those
instances, an importer may make a postimportation CAFTA–DR claim under 19
U.S.C. 1520(d) (section 1520(d)),
pursuant to an amendment to that
section made by the Implementation Act
(section 207). Under this amendment to
section 1520(d), entries of goods
qualifying under CAFTA–DR rules of
origin are eligible for reliquidation
when preferential tariff treatment under
CAFTA–DR is not claimed at the time
of importation, notwithstanding that a
protest under 19 U.S.C. 1514 (section
1514) is not timely filed. (A section
1514 protest is a means of objecting to,
among other things, the liquidation of
an entry by filing the protest within 180
days of the liquidation (or other
protestable decision or action by CBP).)
A claimant must file a claim under
section 1520(d) within one year of the
applicable importation and meet other
requirements, such as applicable
documentary requirements, including
(when requested by CBP) the filing of a
certification or information
demonstrating that the entered goods
are originating CAFTA–DR goods.
Post-Importation CAFTA–DR Claim
Under Reconciliation
This notice announces that a postimportation claim for preferential tariff
treatment under section 1520(d) for an
entry filed pursuant to the CAFTA–DR
also may be made under the
Reconciliation test, in the same way as
a post-importation NAFTA or Chile
claim may be made (see, respectively,
notices published in the Federal
Register on September 27, 2002, and
September 2, 2004, cited previously).
This alternative requires that an
importer follow the Reconciliation test
procedure which, in contrast to the
ordinary section 1520(d) procedure
described above, requires action at the
time of entry. That action is to flag the
entry summary for the CAFTA–DR
issue(s), which will be followed later by
the filing of a Reconciliation entry
within one year of the applicable
importation. It is noted that CAFTA–DR
Reconciliation entries cannot include
other Reconciliation-eligible issues; i.e.,
a CAFTA–DR Reconciliation entry is
limited to covering only CAFTA–DR
issues (claims). NAFTA and Chile
Reconciliation entries/claims are
similarly limited.
This CAFTA–DR Reconciliation
alternative is available for eligible
VerDate Aug<31>2005
16:30 Jun 29, 2006
Jkt 208001
importations involving any eligible
CAFTA–DR country (a CAFTA–DR
country as to which the Agreement has
entered into force) 90 days after the date
this notice is published in the Federal
Register.
Reconciliation CAFTA–DR Claim
Precludes Claims by Other Means
CBP emphasizes that once an
importer flags an entry summary for
CAFTA–DR issues for Reconciliation,
indicating that it is pursuing the postimportation, section 1520(d) claim
through the Reconciliation process, the
only means of perfecting the CAFTA–
DR claim is by completing the
Reconciliation process by filing a timely
Reconciliation entry. (See the
September 27, 2002, Federal Register
notice for an explanation of this same
limitation relative to NAFTA and Chile
issues.) By flagging the entry summary,
the importer makes a commitment to
perfect the claim only through the
Reconciliation process—to, in effect,
waive filing the claim any other way.
Thus, once entries have been flagged for
Reconciliation of CAFTA–DR issues,
CBP will not accept a claim filed for
those entries under the ordinary section
1520(d) procedure. This will prevent
dual filings for the same underlying
entry summaries.
Benefits of Reconciliation
Finally, CBP recommends the use of
the Reconciliation test procedure for
making post-importation CAFTA–DR
claims because the test procedure
provides the importer with several
benefits. First, using the test procedure
is a simpler means of filing claims: i.e.,
the importer is able to make potentially
thousands of CAFTA–DR claims on one
Reconciliation entry. Second, the
importer can receive one check from
CBP rather than many (even up to
thousands) upon CBP’s liquidation of a
Reconciliation entry and issuance of a
refund. Third, because processing
CAFTA–DR claims under Reconciliation
is simpler for CBP, the refund delivery
system is more efficient.
Dated: June 23, 2006.
William S. Heffelfinger III,
Acting Assistant Commissioner, Office of
Field Operations.
[FR Doc. 06–5875 Filed 6–29–06; 8:45 am]
BILLING CODE 9111–14–P
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DEPARTMENT OF HOMELAND
SECURITY
Customs and Border Protection
Quarterly IRS Interest Rates Used in
Calculating Interest on Overdue
Accounts and Refunds on Customs
Duties
Bureau of Customs and Border
Protection, Department of Homeland
Security.
ACTION: General notice.
AGENCY:
SUMMARY: This notice advises the public
of the quarterly Internal Revenue
Service interest rates used to calculate
interest on overdue accounts
(underpayments) and refunds
(overpayments) of customs duties. For
the calendar quarter beginning July 1,
2006, the interest rates for overpayments
will increase from 6 to 7 percent for
corporations and from 7 to 8 percent for
non-corporations, and the interest rate
for underpayments will increase from 7
to 8 percent. This notice is published for
the convenience of the importing public
and Customs and Border Protection
personnel.
DATES: Effective Date: July 1, 2006.
FOR FURTHER INFORMATION CONTACT: Ron
Wyman, Revenue Division, Collection
and Refunds Branch, 6650 Telecom
Drive, Suite #100, Indianapolis, Indiana
46278; telephone (317) 614–4516.
SUPPLEMENTARY INFORMATION:
Background
Pursuant to 19 U.S.C. 1505 and
Treasury Decision 85–93, published in
the Federal Register on May 29, 1985
(50 FR 21832), the interest rate paid on
applicable overpayments or
underpayments of customs duties must
be in accordance with the Internal
Revenue Code rate established under 26
U.S.C. 6621 and 6622. Section 6621 was
amended (at paragraph (a)(1)(B) by the
Internal Revenue Service Restructuring
and Reform Act of 1998, Pub. L. 105–
206, 112 Stat. 685) to provide different
interest rates applicable to
overpayments: One for corporations and
one for non-corporations.
The interest rates are based on the
Federal short-term rate and determined
by the Internal Revenue Service (IRS) on
behalf of the Secretary of the Treasury
on a quarterly basis. The rates effective
for a quarter are determined during the
first-month period of the previous
quarter.
In Revenue Ruling 2006–30, the IRS
determined the rates of interest for the
calendar quarter beginning July 1, 2006,
and ending September 30, 2006. The
interest rate paid to the Treasury for
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37599
Federal Register / Vol. 71, No. 126 / Friday, June 30, 2006 / Notices
underpayments will be the Federal
short-term rate (5%) plus three
percentage points (3%) for a total of
eight percent (8%). For corporate
overpayments, the rate is the Federal
short-term rate (5%) plus two
percentage points (2%) for a total of
seven percent (7%). For overpayments
made by non-corporations, the rate is
the Federal short-term rate (5%) plus
three percentage points (3%) for a total
of eight percent (8%). These interest
rates are subject to change for the
calendar quarter beginning October 1,
2006, and ending December 31, 2006.
Beginning
date
070174
070175
020176
020178
020180
020182
010183
070183
010185
070185
010186
070186
010187
100187
010188
040188
100188
040189
100189
040191
010192
040192
100192
070194
100194
040195
070195
040196
070196
040198
010199
040199
040100
040101
070101
010102
010103
100103
040104
070104
100104
040105
100105
070106
Ending
date
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Dated: June 26, 2006.
Deborah J. Spero,
Acting Commissioner, Bureau of Customs and
Border Protection.
[FR Doc. 06–5878 Filed 6–29–06; 8:45 am]
rwilkins on PROD1PC63 with NOTICES_1
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5045–N–26]
Office of the Assistant
Secretary for Community Planning and
Development, HUD.
AGENCY:
ACTION:
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16:30 Jun 29, 2006
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PO 00000
Notice.
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Under-payments
(percent)
063075
013176
013178
013180
013182
123182
063083
123184
063085
123185
063086
123186
093087
123187
033188
093088
033189
093089
033191
123191
033192
093092
063094
093094
033195
063095
033196
063096
033198
123198
033199
033100
033101
063001
123101
123102
093003
033104
063004
093004
033105
093005
063006
093006
Federal Property Suitable as Facilities
to Assist the Homeless
BILLING CODE 9114–14–P
For the convenience of the importing
public and Customs and Border
Protection personnel the following list
of IRS interest rates used, covering the
period from before July of 1974 to date,
to calculate interest on overdue
accounts and refunds of customs duties,
is published in summary format.
6
9
7
6
12
20
16
11
13
11
10
9
9
10
11
10
11
12
11
10
9
8
7
8
9
10
9
8
9
8
7
8
9
8
7
6
5
4
5
4
5
6
7
8
Corporate
overpayments
(Eff. 1–1–99)
(percent)
Over-payments
(percent)
6
9
7
6
12
20
16
11
13
11
10
9
8
9
10
9
10
11
10
9
8
7
6
7
8
9
8
7
8
7
7
8
9
8
7
6
5
4
5
4
5
6
7
8
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........................
........................
........................
........................
........................
6
7
8
7
6
5
4
3
4
3
4
5
6
7
SUMMARY: This Notice identifies
unutilized, underutilized, excess, and
surplus Federal property reviewed by
HUD for suitability for possible use to
assist the homeless.
FOR FURTHER INFORMATION CONTACT:
Kathy Ezzell, room 7266, Department of
Housing and Urban Development, 451
Seventh Street, SW., Washington, DC
20410; telephone (202) 708–1234; TTY
number for the hearing- and speechimpaired (202) 708–2565 (these
telephone numbers are not toll-free), or
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]]>Agencies
[Federal Register Volume 71, Number 126 (Friday, June 30, 2006)]
[Notices]
[Pages 37598-37599]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5878]
-----------------------------------------------------------------------
DEPARTMENT OF HOMELAND SECURITY
Customs and Border Protection
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds on Customs Duties
AGENCY: Bureau of Customs and Border Protection, Department of Homeland
Security.
ACTION: General notice.
-----------------------------------------------------------------------
SUMMARY: This notice advises the public of the quarterly Internal
Revenue Service interest rates used to calculate interest on overdue
accounts (underpayments) and refunds (overpayments) of customs duties.
For the calendar quarter beginning July 1, 2006, the interest rates for
overpayments will increase from 6 to 7 percent for corporations and
from 7 to 8 percent for non-corporations, and the interest rate for
underpayments will increase from 7 to 8 percent. This notice is
published for the convenience of the importing public and Customs and
Border Protection personnel.
DATES: Effective Date: July 1, 2006.
FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division,
Collection and Refunds Branch, 6650 Telecom Drive, Suite 100,
Indianapolis, Indiana 46278; telephone (317) 614-4516.
SUPPLEMENTARY INFORMATION:
Background
Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, published
in the Federal Register on May 29, 1985 (50 FR 21832), the interest
rate paid on applicable overpayments or underpayments of customs duties
must be in accordance with the Internal Revenue Code rate established
under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph
(a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act
of 1998, Pub. L. 105-206, 112 Stat. 685) to provide different interest
rates applicable to overpayments: One for corporations and one for non-
corporations.
The interest rates are based on the Federal short-term rate and
determined by the Internal Revenue Service (IRS) on behalf of the
Secretary of the Treasury on a quarterly basis. The rates effective for
a quarter are determined during the first-month period of the previous
quarter.
In Revenue Ruling 2006-30, the IRS determined the rates of interest
for the calendar quarter beginning July 1, 2006, and ending September
30, 2006. The interest rate paid to the Treasury for
[[Page 37599]]
underpayments will be the Federal short-term rate (5%) plus three
percentage points (3%) for a total of eight percent (8%). For corporate
overpayments, the rate is the Federal short-term rate (5%) plus two
percentage points (2%) for a total of seven percent (7%). For
overpayments made by non-corporations, the rate is the Federal short-
term rate (5%) plus three percentage points (3%) for a total of eight
percent (8%). These interest rates are subject to change for the
calendar quarter beginning October 1, 2006, and ending December 31,
2006.
For the convenience of the importing public and Customs and Border
Protection personnel the following list of IRS interest rates used,
covering the period from before July of 1974 to date, to calculate
interest on overdue accounts and refunds of customs duties, is
published in summary format.
----------------------------------------------------------------------------------------------------------------
Corporate
Under-payments Over-payments overpayments
Beginning date Ending date (percent) (percent) (Eff. 1-1-99)
(percent)
----------------------------------------------------------------------------------------------------------------
070174.......................................... 063075 6 6 ..............
070175.......................................... 013176 9 9 ..............
020176.......................................... 013178 7 7 ..............
020178.......................................... 013180 6 6 ..............
020180.......................................... 013182 12 12 ..............
020182.......................................... 123182 20 20 ..............
010183.......................................... 063083 16 16 ..............
070183.......................................... 123184 11 11 ..............
010185.......................................... 063085 13 13 ..............
070185.......................................... 123185 11 11 ..............
010186.......................................... 063086 10 10 ..............
070186.......................................... 123186 9 9 ..............
010187.......................................... 093087 9 8 ..............
100187.......................................... 123187 10 9 ..............
010188.......................................... 033188 11 10 ..............
040188.......................................... 093088 10 9 ..............
100188.......................................... 033189 11 10 ..............
040189.......................................... 093089 12 11 ..............
100189.......................................... 033191 11 10 ..............
040191.......................................... 123191 10 9 ..............
010192.......................................... 033192 9 8 ..............
040192.......................................... 093092 8 7 ..............
100192.......................................... 063094 7 6 ..............
070194.......................................... 093094 8 7 ..............
100194.......................................... 033195 9 8 ..............
040195.......................................... 063095 10 9 ..............
070195.......................................... 033196 9 8 ..............
040196.......................................... 063096 8 7 ..............
070196.......................................... 033198 9 8 ..............
040198.......................................... 123198 8 7 ..............
010199.......................................... 033199 7 7 6
040199.......................................... 033100 8 8 7
040100.......................................... 033101 9 9 8
040101.......................................... 063001 8 8 7
070101.......................................... 123101 7 7 6
010102.......................................... 123102 6 6 5
010103.......................................... 093003 5 5 4
100103.......................................... 033104 4 4 3
040104.......................................... 063004 5 5 4
070104.......................................... 093004 4 4 3
100104.......................................... 033105 5 5 4
040105.......................................... 093005 6 6 5
100105.......................................... 063006 7 7 6
070106.......................................... 093006 8 8 7
----------------------------------------------------------------------------------------------------------------
Dated: June 26, 2006.
Deborah J. Spero,
Acting Commissioner, Bureau of Customs and Border Protection.
[FR Doc. 06-5878 Filed 6-29-06; 8:45 am]
BILLING CODE 9114-14-P
