Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 64358-64360 [E8-25812]

Download as PDF 64358 Federal Register / Vol. 73, No. 210 / Wednesday, October 29, 2008 / Notices 5. Notify CBP of any major organizational changes that may impact the importer’s product safety controls. 6. Submit an annual written notification to CBP that sets forth the importer’s ISA–PS point of contact and acknowledges that the importer continues to meet the requirements of ISA–PS. Application Process 1. Required Information Interested applicants (importers that are already active members of ISA) may send an e-mail requesting an application to isa@dhs.gov, and will receive an electronic ISA–PS/CPSC Questionnaire and an ISA–PS/CPSC Addendum. Completed ISA–PS/CPSC Questionnaires may be submitted electronically via e-mail to isa@dhs.gov. jlentini on PROD1PC65 with NOTICES 2. CBP Review of Application After the applicant has submitted the ISA–PS/CPSC Questionnaire and ISA– PS/CPSC Addendum, CBP and CPSC staff will review the applicant’s submission. For a limited number of applicants, the review will include a CPSC risk assessment to determine the applicant’s readiness to assume responsibilities for self-assessment. The risk assessment will include an examination of the applicant as identified by the Importer of Record (IOR) number(s) listed on the ISA–PS/ CPSC Questionnaire and its scope will include the laws and regulations administered by CPSC requirements set forth above (in ISA–PS Participation Requirements, Item 3). CBP and CPSC will perform a formal domestic site visit with the importer. At the discretion of CBP and CPSC it may also be necessary to perform a formal visit with the applicant at a foreign facility. The purpose of these site visits is to determine if the applicant is ready to assume the responsibilities of selfassessment and to equip CBP and CPSC with the knowledge of the importers internal control procedures as appropriate. If CBP and CPSC determine that the applicant is not ready to assume the responsibilities of self-assessment, CBP and CPSC staff will continue to work with the applicant to strengthen their product safety program. If CBP and CPSC staff determine that the applicant is ready to assume all the responsibilities of self-assessment, they will sign the ISA–PS/CPSC Addendum and return a copy to the importer. CBP and CPSC staff reserve the right, in their discretion, to approve or disapprove an application. Further, in selecting applicants for participation in ISA–PS, CBP and CPSC staff reserve the right to VerDate Aug<31>2005 17:17 Oct 28, 2008 Jkt 217001 establish priorities for the processing and approval of applications. ISA–PS Potential Benefits In addition to the benefits received as a participant in ISA, once accepted into the ISA–PS, the participant also becomes eligible for the following benefits: 1. CPSC will provide the participant with a product-specific CPSC point of contact who can assist in providing National Electronic Injury Surveillance System (NEISS) Product Codes for entry lines. 2. CPSC will provide access to the participant with special training concerning product safety compliance, internal controls, and CPSC audit trails. 3. CPSC will allow the participant the opportunity to apply for external participation coverage of multiple business units (multiple IOR numbers) identified in the ISA–PS/CPSC Addendum. 4. CPSC will consider expansion of benefits to all products of approved participants if the entry line(s) contains all the applicable NEISS product code(s). 5. CPSC will reduce product safety tests on goods imported by ISA–PS participants. 6. CPSC laboratories will grant priority ‘‘front of the line testing’’ to ISA–PS participants when product safety testing is conducted. 7. CPSC may allow products to be destroyed by the ISA–PS participant in lieu of requesting redelivery to CBP of the product. 8. CPSC will acknowledge the participation of ISA–PS in CPSC’s ‘‘Fast-Track Product Recall Program.’’ 9. Additional benefits tailored to specific industry needs may later become available. Additionally, the ISA–PS participant will enjoy greater business certainty because a reliable system of internal controls ensures compliant product safety transactions. ISA–PS Continuing Participation Requirements Each ISA–PS participant must remain an active member in ISA and comply with all ISA requirements and obligations, available at http:// www.cbp.gov/linkhandler/cgov/trade/ trade_programs/trade_compliance/ importer_self_assessment/isahb.ctt/ isahb.doc. Additionally, each ISA–PS participant must remain in compliance with the requirements of the ISA–PS/ CPSC Addendum and provide annual written notification to CBP that it continues to meet the requirements of ISA–PS. In connection with this PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 notification, CBP and CPSC staff will determine if additional discussions or reviews of company controls or documentation are necessary. In addition, ISA–PS participants are responsible for making appropriate ongoing changes to internal controls as needed. If a participant fails to remain an active member in ISA or fails to meet the requirements of the ISA–PS/CPSC Addendum, or is determined to have violated a law or regulation administered by CBP or the CPSC, the participant may be subject to penalties, liquidated damages, and/or removal from the ISA removal from the ISA–PS. If CBP and CPSC staff believe that there is a basis for removal of an ISA–PS participant, a written notice proposing removal with a description of the facts or conduct warranting removal, will be provided to such participant. The participant will be offered the opportunity to respond to the proposed removal notice within 30 days of the date of the notice. CBP and CPSC will issue a final written decision on the proposed removal within 30 days of the receipt of the response to the proposed removal notice, if one was timely received. In the case of a public health interest and/or safety concern, a participant may be removed immediately from the ISA–PS. The participant will be given an opportunity to respond within 30 days to the notice providing for immediate removal. Evaluation of Pilot CBP and CPSC staff intend to review the ISA–PS pilot two years after its effective date to measure its effects and achievements, and recommend to CBP and the Commission whether ISA–PS shall become a permanent program. Dated: October 21, 2008. Jayson P. Ahern, Acting Commissioner, Customs and Border Protection. [FR Doc. E8–25551 Filed 10–28–08; 8:45 am] BILLING CODE 9111–14–P DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties Customs and Border Protection, Department of Homeland Security. AGENCY: ACTION: E:\FR\FM\29OCN1.SGM General notice. 29OCN1 64359 Federal Register / Vol. 73, No. 210 / Wednesday, October 29, 2008 / Notices 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 October 1, 2008, the interest rates for overpayments will be 5 percent for corporations and 6 percent for noncorporations, and the interest rate for underpayments will be 6 percent. This notice is published for the convenience of the importing public and Customs and Border Protection personnel. DATES: Effective Date: October 1, 2008. 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, Public Law 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 2008–47, the IRS determined the rates of interest for the calendar quarter beginning October 1, 2008, and ending on December 31, 2008. jlentini on PROD1PC65 with NOTICES 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 VerDate Aug<31>2005 17:17 Oct 28, 2008 Underpayments (percent) Ending date ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ Jkt 217001 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 PO 00000 The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (3%) plus three percentage points (3%) for a total of six percent (6%). For corporate overpayments, the rate is the Federal short-term rate (3%) plus two percentage points (2%) for a total of five percent (5%). For overpayments made by non-corporations, the rate is the Federal short-term rate (3%) plus three percentage points (3%) for a total of six percent (6%). These interest rates are subject to change for the calendar quarter beginning January 1, 2009, and ending March 31, 2009. 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. ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\29OCN1.SGM Corporate overpayments (Eff. 1–1–99) (percent) Overpayments (percent) 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 29OCN1 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 ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ 6 7 8 7 6 5 4 3 4 3 4 5 64360 Federal Register / Vol. 73, No. 210 / Wednesday, October 29, 2008 / Notices Beginning date 100105 070106 010108 040108 070108 100108 Underpayments (percent) Ending date ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ Dated: October 24, 2008. Jayson P. Ahern, Acting Commissioner, U.S. Customs and Border Protection. [FR Doc. E8–25812 Filed 10–28–08; 8:45 am] BILLING CODE 9111–14–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5187–N–59] Loan Guarantees for Indian Housing Office of the Chief Information Officer, HUD. ACTION: Notice. AGENCY: The proposed information collection requirement described below has been submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal. The information collected determines if the Department will guarantee loans and mortgage insurance made by private lenders to Native American borrowers on restricted land. DATES: Comments Due Date: November 28, 2008. SUMMARY: 063006 123107 033108 063008 093008 123108 ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB approval number (2577–0200) and should be sent to: HUD Desk Officer, Office of Management and Budget, New Executive Office Building, Washington, DC 20503; fax: 202–395–6974. FOR FURTHER INFORMATION CONTACT: Lillian Deitzer, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 Seventh Street, SW., Washington, DC 20410; e-mail Lillian Deitzer at Lillian_L._Deitzer@HUD.gov or telephone (202) 402–8048. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Deitzer. SUPPLEMENTARY INFORMATION: This notice informs the public that the Department of Housing and Urban Development has submitted to OMB a request for approval of the information collection described below. This notice is soliciting comments from members of the public and affecting agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including ADDRESSES: 7 8 7 6 5 6 Title of Proposal: Loan Guarantees for Indian Housing. OMB Approval Number: 2577–0200. Form Numbers: HUD 53036, HUD 53038, FNMA forms 2003, 1003A, 1005, and 1006. Description of the Need for the Information and its Proposed Use: Information collected determines if the Department will guarantee loans and mortgage insurance made by private lenders to Native American borrowers on restricted land. Frequency of Submission: On occasion. 1,500 2 Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 35, as amended. jlentini on PROD1PC65 with NOTICES DEPARTMENT OF THE INTERIOR [FWS–R8–ES–2008–N0286; 80221–1113– 0000–F5] Dated: October 23, 2008. Lillian L. Deitzer, Departmental Paperwork Reduction Act Officer,Office of the Chief Information Officer. [FR Doc. E8–25736 Filed 10–28–08; 8:45 am] Endangered Species Recovery Permit Applications Fish and Wildlife Service Fish and Wildlife Service, Interior. ACTION: Notice of receipt of permit applications; request for comment. AGENCY: SUMMARY: We invite the public to comment on the following applications VerDate Aug<31>2005 17:17 Oct 28, 2008 Jkt 217001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 6 7 6 5 4 5 This Notice Also Lists the Following Information Annual responses Total Estimated Burden Hours: 500. Status: Extension of a currently approved collection. BILLING CODE 4210–67–P 7 8 7 6 5 6 whether the information will have practical utility; (2) Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond; including through the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Number of respondents Reporting Burden: ............................................................................. Corporate overpayments (Eff. 1–1–99) (percent) Overpayments (percent) × Hours per response 0.17 = Burden hours 500 to conduct certain activities with endangered species. DATES: Comments on these permit applications must be received on or before November 28, 2008. ADDRESSES: Written data or comments should be submitted to the U.S. Fish and Wildlife Service, Endangered Species Program Manager, Region 8, 2800 Cottage Way, Room W–2606, Sacramento, CA, 95825 (telephone: 916– 414–6464; fax: 916–414–6486). Please refer to the respective permit number for each application when submitting comments. All comments received, including names and addresses, will E:\FR\FM\29OCN1.SGM 29OCN1

Agencies

[Federal Register Volume 73, Number 210 (Wednesday, October 29, 2008)]
[Notices]
[Pages 64358-64360]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-25812]


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DEPARTMENT OF HOMELAND SECURITY

U.S. Customs and Border Protection


Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: Customs and Border Protection, Department of Homeland Security.

ACTION: General notice.

-----------------------------------------------------------------------

[[Page 64359]]

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 October 1, 2008, the interest rates 
for overpayments will be 5 percent for corporations and 6 percent for 
non-corporations, and the interest rate for underpayments will be 6 
percent. This notice is published for the convenience of the importing 
public and Customs and Border Protection personnel.

DATES: Effective Date: October 1, 2008.

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, Public Law 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 2008-47, the IRS determined the rates of interest 
for the calendar quarter beginning October 1, 2008, and ending on 
December 31, 2008. The interest rate paid to the Treasury for 
underpayments will be the Federal short-term rate (3%) plus three 
percentage points (3%) for a total of six percent (6%). For corporate 
overpayments, the rate is the Federal short-term rate (3%) plus two 
percentage points (2%) for a total of five percent (5%). For 
overpayments made by non-corporations, the rate is the Federal short-
term rate (3%) plus three percentage points (3%) for a total of six 
percent (6%). These interest rates are subject to change for the 
calendar quarter beginning January 1, 2009, and ending March 31, 2009.
    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-      Over- payments   overpayments
            Beginning date                     Ending date           payments        (percent)     (Eff. 1-1-99)
                                                                     (percent)                       (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

[[Page 64360]]

 
 100105...............................   063006.................               7               7               6
 070106...............................   123107.................               8               8               7
 010108...............................   033108.................               7               7               6
 040108...............................   063008.................               6               6               5
 070108...............................   093008.................               5               5               4
 100108...............................   123108.................               6               6               5
----------------------------------------------------------------------------------------------------------------


    Dated: October 24, 2008.
Jayson P. Ahern,
Acting Commissioner, U.S. Customs and Border Protection.
 [FR Doc. E8-25812 Filed 10-28-08; 8:45 am]
BILLING CODE 9111-14-P