US CUSTOMS AMENDS RULES FOR INTEREST DUE ON DUTY PAYMENTS
U.S. Customs has amended its rules for interest due on duties, taxes and fees pertaining to imported goods.
The changes were made in response to provisions in the North American Free Trade Agreement Implementation Act and 1996 Miscellaneous Trade and Technical Corrections Act.
Interest accrues from the date the duties, taxes or fees are deposited with Customs in the case of overpayments, or in the case of underpayments, at the time they must be deposited with the agency. Customs rules say that payments are due in 15 to 30 days after issuance.
For more information about the new interest rules, contact Robert Reiley of Customs’ Financial Management Division at (202) 927-1504.