CBP Announces Decrease in Interest Rates Applicable to Overpayments and Underpayments of Customs Duties

As a result of falling short-term interest rates, U.S. Customs and Border Protection announced in today's Federal Register a decrease in the interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties.

For the calendar quarter beginning January 1, 2009, the interest rates for overpayments will be 4% (decrease from 5%) for corporations and 5% (down from 6%) for non-corporations. The interest rate for underpayments will be 5% (decrease from 6%) .