IRS Keeps Customs Duties Interest Rates Steady at 7 Percent
Published Date: 4/30/2025
Notice
Summary
Starting April 1, 2025, the IRS interest rates for late payments and refunds on customs duties stay steady. Both companies and individuals will see a 7% interest rate on underpayments, while refunds will be 7% for individuals and 6% for companies. If you deal with customs duties, these rates affect how much extra you pay or get back.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
7% Interest Charged on Late Customs Duty Payments
If you owe customs duties, the IRS charges 7% interest on underpayments for both corporations and non-corporations for the calendar quarter beginning April 1, 2025. That 7% rate stays the same as the previous quarter and determines how much extra you must pay on late customs duty amounts.
Interest on Customs Duty Refunds: 7% and 6%
If you are due a refund of customs duties for the quarter beginning April 1, 2025, the IRS pays interest on overpayments: 7% for non-corporations and 6% for corporations. These rates remain the same as the previous quarter and determine how much interest you receive with a customs duty refund.
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