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

This type of “Other measure” is generally not a tariff or product-specific duty. It publishes the interest rates used when calculating interest on certain overdue amounts owed to the government or interest payable on qualifying refunds of customs duties. The applicable rate and calculation period come from the official notice and the relevant customs rules.

It typically affects importers whose entries are later found to have underpaid duties, taxes, or fees, as well as importers entitled to a qualifying refund. The key professional terms include “underpayment,” “refund interest,” “liquidation” or “reliquidation” of an entry, and the “interest period.” The measure matters because interest can change the total amount due or the amount recovered, even though it does not change the product’s tariff classification or duty rate.

What to check

• Confirm whether the issue concerns duty, tax, fee, a refund, or another customs amount; do not treat the notice as a new tariff.
• Check the official notice for the applicable rate period and whether the rate applies to the specific customs transaction.
• Review the entry’s liquidation or reliquidation record and identify the principal amount on which interest is calculated.
• Verify the start and end dates of the interest period, including any dates used by Customs and Border Protection (CBP).
• Ask your customs broker or trade adviser to confirm the calculation when the amount is disputed, the entry history is complex, or a refund is involved.