The U.S. Customs and Border Protection agency has announced new interest rates for calculating interest on overdue accounts and refunds of customs duties, effective from January 1, 2025. For both corporations and non-corporations, the interest rate on underpayments will be 7 percent. The interest rate on overpayments will be 7 percent for non-corporations and 6 percent for corporations. These rates are based on the Federal short-term rate and have decreased from the previous quarter.
Simple Explanation
The U.S. Customs and Border Protection says that starting in January 2025, if someone owes money or is getting a refund for customs duties, both people and companies will pay or get back money at a 7% rate, except companies getting a refund, which is at a 6% rate. This means it might cost a bit less or give back a bit less money than before.