Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 29879-29880 [2016-11376]

Download as PDF 29879 Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Notices and U.S. Customs and Border Protection personnel. DATES: Effective Date: April 1, 2016. FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614–4882. SUPPLEMENTARY INFORMATION: 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 U.S. Customs and Border Protection, Department of Homeland Security. AGENCY: ACTION: General notice. This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will increase 1 percent from the previous quarter. For the calendar quarter beginning April 1, 2016, the interest rates for overpayments will be 3 percent for corporations and 4 percent for noncorporations, and the interest rate for underpayments will be 4 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public SUMMARY: 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 provides different interest rates applicable to overpayments: one for corporations and one for noncorporations. 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 mstockstill on DSK3G9T082PROD 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 VerDate Sep<11>2014 18:05 May 12, 2016 Underpayments (percent) Ending date ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ Jkt 238001 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 PO 00000 first-month period of the previous quarter. In Revenue Ruling 2016–06, the IRS determined the rates of interest for the calendar quarter beginning April 1, 2016, and ending on June 30, 2016. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus three percentage points (3%) for a total of four percent (4%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). For overpayments made by non-corporations, the rate is the Federal short-term rate (1%) plus three percentage points (3%) for a total of four percent (4%). These interest rates are subject to change for the calendar quarter beginning July 1, 2016, and ending September 30, 2016. For the convenience of the importing public and U.S. 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 00048 Fmt 4703 Sfmt 4703 E:\FR\FM\13MYN1.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 13MYN1 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 ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ 6 7 8 7 6 5 29880 Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Notices Beginning date 010103 100103 040104 070104 100104 040105 100105 070106 010108 040108 070108 100108 010109 040109 010111 040111 100111 040116 ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ Dated: May 10, 2016. R. Gil Kerlikowske, Commissioner. BILLING CODE 9111–14–P DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection [1651–0061] Agency Information Collection Activities: Application To Establish a Centralized Examination Station U.S. Customs and Border Protection, Department of Homeland Security. ACTION: 30-Day notice and request for comments; Extension of an existing collection of information. AGENCY: U.S. Customs and Border Protection (CBP) of the Department of Homeland Security will be submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act: Application to Establish a Centralized Examination Station. This is a proposed extension of an information collection that was previously approved. CBP is proposing that this information collection be extended with no change to the burden hours or to the information collected. This document is published to obtain comments from the public and affected agencies. DATES: Written comments should be received on or before June 13, 2016 to be assured of consideration. mstockstill on DSK3G9T082PROD with NOTICES SUMMARY: 18:05 May 12, 2016 093003 033104 063004 093004 033105 093005 063006 123107 033108 063008 093008 123108 033109 123110 033111 093011 033116 063016 ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... ........................................................... Interested persons are invited to submit written comments on this proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to the OMB Desk Officer for Customs and Border Protection, Department of Homeland Security, and sent via electronic mail to oira_submission@ omb.eop.gov or faxed to (202) 395–5806. FOR FURTHER INFORMATION CONTACT: Requests for additional information should be directed to Tracey Denning, U.S. Customs and Border Protection, Regulations and Rulings, Office of Trade, 90 K Street, NE., 10th Floor, Washington, DC 20229–1177, at 202– 325–0265. SUPPLEMENTARY INFORMATION: This proposed information collection was previously published in the Federal Register (81 FR 7365) on February 11, 2016, allowing for a 60-day comment period. This notice allows for an additional 30 days for public comments. This process is conducted in accordance with 5 CFR 1320.10. CBP invites the general public and other Federal agencies to comment on proposed and/ or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (Pub. L. 104–13; 44 U.S.C. 3507). The comments should address: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimates of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden, including the use of automated collection ADDRESSES: [FR Doc. 2016–11376 Filed 5–12–16; 8:45 am] VerDate Sep<11>2014 Underpayments (percent) Ending date Jkt 238001 PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 Corporate overpayments (eff. 1–1–99) (percent) Overpayments (percent) 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 4 3 4 3 4 5 6 7 6 5 4 5 4 3 2 3 2 3 techniques or the use of other forms of information technology; and (e) the annual costs to respondents or record keepers from the collection of information (total capital/startup costs and operations and maintenance costs). The comments that are submitted will be summarized and included in the CBP request for OMB approval. All comments will become a matter of public record. In this document, CBP is soliciting comments concerning the following information collection: Title: Application to Establish a Centralized Examination Station. OMB Number: 1651–0061. Abstract: A Customs and Border Protection (CBP) port director decides when his or her port needs one or more Centralized Examination Stations (CES). A CES is a facility where imported merchandise is made available to CBP officers for physical examination. If it is decided that a CES is needed, the port director solicits applications to operate a CES. The information contained in the application will be used to determine the suitability of the applicant’s facility; the fairness of fee structure; and the knowledge of cargo handling operations and of CBP procedures. The names of all corporate officers and all employees who will come in contact with uncleared cargo will also be provided so that CBP may perform background investigations. The CES application is provided for by 19 CFR 118.11 and is authorized by 19 U.S.C. 1499, Tariff Act of 1930. Current Actions: CBP proposes to extend the expiration date of this information collection with no change to the burden hours or to the information collected. Type of Review: Extension (without change). E:\FR\FM\13MYN1.SGM 13MYN1

Agencies

[Federal Register Volume 81, Number 93 (Friday, May 13, 2016)]
[Notices]
[Pages 29879-29880]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11376]



[[Page 29879]]

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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: U.S. Customs and Border Protection, Department of Homeland 
Security.

ACTION: General notice.

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

SUMMARY: This notice advises the public that the quarterly Internal 
Revenue Service interest rates used to calculate interest on overdue 
accounts (underpayments) and refunds (overpayments) of customs duties 
will increase 1 percent from the previous quarter. For the calendar 
quarter beginning April 1, 2016, 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. This notice is published for the 
convenience of the importing public and U.S. Customs and Border 
Protection personnel.

DATES: Effective Date: April 1, 2016.

FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 614-4882.

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 provides 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 2016-06, the IRS determined the rates of interest 
for the calendar quarter beginning April 1, 2016, and ending on June 
30, 2016. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (1%) plus three percentage points (3%) 
for a total of four percent (4%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (1%) plus two percentage points (2%) for a total of 
three percent (3%). For overpayments made by non-corporations, the rate 
is the Federal short-term rate (1%) plus three percentage points (3%) 
for a total of four percent (4%). These interest rates are subject to 
change for the calendar quarter beginning July 1, 2016, and ending 
September 30, 2016.
    For the convenience of the importing public and U.S. 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

[[Page 29880]]

 
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................................  123107..................               8               8               7
010108................................  033108..................               7               7               6
040108................................  063008..................               6               6               5
070108................................  093008..................               5               5               4
100108................................  123108..................               6               6               5
010109................................  033109..................               5               5               4
040109................................  123110..................               4               4               3
010111................................  033111..................               3               3               2
040111................................  093011..................               4               4               3
100111................................  033116..................               3               3               2
040116................................  063016..................               4               4               3
----------------------------------------------------------------------------------------------------------------


    Dated: May 10, 2016.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2016-11376 Filed 5-12-16; 8:45 am]
 BILLING CODE 9111-14-P