Quarterly IRS Interest Rates Used In Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 53496-53497 [2016-19167]

Download as PDF 53496 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices DEPARTMENT OF HOMELAND SECURITY interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning July 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 and U.S. Customs and Border Protection personnel. DATES: Effective Date: July 1, 2016. FOR FURTHER INFORMATION CONTACT: Kara N. Welty, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614–4614. SUPPLEMENTARY INFORMATION: U.S. Customs and Border Protection Background in OMB’s receipt and processing of mail sent through the U.S. Postal Service, commenters are encouraged to submit their comments to OMB via email to: OIRA_Submission@omb.eop.gov. Although commenters are encouraged to send their comments via email, commenters may also fax their comments to: 202–395–7285. Commenters may also mail them to: Office of Management and Budget, Office of Information and Regulatory Affairs, New Executive Office Building, Room 10102, Washington, DC 20503. Summer King, Statistician. [FR Doc. 2016–19214 Filed 8–11–16; 8:45 am] BILLING CODE 4162–20–P 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. ACTION: General notice. AGENCY: This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate SUMMARY: mstockstill on DSK3G9T082PROD with NOTICES Beginning date 18:42 Aug 11, 2016 Under-payments (percent) Ending 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 VerDate Sep<11>2014 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. 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 Jkt 238001 PO 00000 Frm 00102 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 2016–12, the IRS determined the rates of interest for the calendar quarter beginning July 1, 2016, and ending on September 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 October 1, 2016, and ending December 31, 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. 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 Fmt 4703 Sfmt 4703 Corporate overpayments (Eff. 1–1–99) (percent) Over-payments (percent) E:\FR\FM\12AUN1.SGM 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 12AUN1 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices Beginning date 040196 070196 040198 010199 040199 040100 040101 070101 010102 010103 100103 040104 070104 100104 040105 100105 070106 010108 040108 070108 100108 010109 040109 010111 040111 100111 040116 063096 033198 123198 033199 033100 033101 063001 123101 123102 093003 033104 063004 093004 033105 093005 063006 123107 033108 063008 093008 123108 033109 123110 033111 093011 033116 093016 Dated: August 8, 2016. R. Gil Kerlikowske, Commissioner. BILLING CODE 9111–14–P DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection U.S. Customs and Border Protection, Department of Homeland Security. ACTION: General notice. AGENCY: mstockstill on DSK3G9T082PROD with NOTICES 18:42 Aug 11, 2016 Jkt 238001 The ACE Protest Test will commence on August 29, 2016, and will continue until concluded by a notice published in the Federal Register. Comments concerning this notice and any aspect of the test may be submitted at any time during the test to the address set forth below. Comments concerning this notice and any aspect of the ACE Protest Test may be submitted at any time during the testing period via email to Josephine Baiamonte, ACE Business Office (ABO), Office of Trade at josephine.baiamonte@cbp.dhs.gov. In the subject line of your email, please indicate, ‘‘Comment on ACE Protest Test FRN.’’ ADDRESSES: This document announces U.S. Customs and Border Protection’s (CBP’s) plan to conduct a National Customs Automation Program (NCAP) test to assess new functionalities related to the electronic filing and processing of protests and new notification procedures for protests filed electronically in the Automated Commercial Environment (ACE). During the test, participants will be able to submit additional arguments and supporting information electronically, with their electronic protest in ACE. In SUMMARY: 8 9 8 7 8 9 8 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 DATES: National Customs Automation Program (NCAP) Test Concerning Electronic Filing of Protests in the Automated Commercial Environment (ACE) For technical questions related to the application or requests for an ACE Portal Account, including ACE Protest Filer Accounts, contact the ACE Account Service Desk by calling 1–866– 530–4172, selecting option 1, then FOR FURTHER INFORMATION CONTACT: PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 Corporate overpayments (Eff. 1–1–99) (percent) Over-payments (percent) addition, participants will be able to submit requests for further review, requests for accelerated disposition, requests to set aside denial of further review, and requests to void denial of a protest electronically in ACE. This notice also announces the testing of electronic protest status notifications from CBP. The test will be known as the ACE Protest Test. [FR Doc. 2016–19167 Filed 8–11–16; 8:45 am] VerDate Sep<11>2014 Under-payments (percent) Ending date 53497 7 8 7 7 8 9 8 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 6 7 8 7 6 5 4 3 4 3 4 5 6 7 6 5 4 5 4 3 2 3 2 3 option 2, or by emailing ACE.Support@ cbp.dhs.gov for assistance. SUPPLEMENTARY INFORMATION: I. The National Customs Automation Program The National Customs Automation Program (NCAP) was established by Subtitle B of Title VI—Customs Modernization in the North American Free Trade Agreement Implementation Act (Customs Modernization Act) (Pub. L. 103–182, 107 Stat. 2057, 2170, December 8, 1993) (19 U.S.C. 1411). Through NCAP, the thrust of customs modernization was on trade compliance and the development of the Automated Commercial Environment (ACE), the planned successor to the Automated Commercial System (ACS). ACE is an automated and electronic system for commercial trade processing which is intended to streamline business processes, facilitate growth in trade, ensure cargo security, and foster participation in global commerce, while ensuring compliance with U.S. laws and regulations and reducing costs for U.S. Customs and Border Protection (CBP) and all of its communities of interest. The ability to meet these objectives depends on successfully modernizing CBP’s business functions and the information technology that supports those functions. CBP’s modernization efforts are accomplished through phased E:\FR\FM\12AUN1.SGM 12AUN1

Agencies

[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53496-53497]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-19167]


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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 remain the same from the previous quarter. For the calendar 
quarter beginning July 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: July 1, 2016.

FOR FURTHER INFORMATION CONTACT: Kara N. Welty, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 614-4614.

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 2016-12, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2016, and ending on 
September 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 October 
1, 2016, and ending December 31, 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
    Beginning date          Ending date           Under-payments         Over-payments       overpayments  (Eff.
                                                    (percent)              (percent)         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

[[Page 53497]]

 
            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                 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                 093016                      4                      4                     3
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    Dated: August 8, 2016.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2016-19167 Filed 8-11-16; 8:45 am]
 BILLING CODE 9111-14-P