Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 37598-37599 [06-5878]

Download as PDF 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 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 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 E:\FR\FM\30JNN1.SGM 30JNN1 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 ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. 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: VerDate Aug<31>2005 16:30 Jun 29, 2006 Jkt 208001 PO 00000 Notice. Frm 00073 Fmt 4703 Sfmt 4703 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 ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ 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 E:\FR\FM\30JNN1.SGM 30JNN1

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