Navigation Links
KPMG Survey: Medical Device Execs Say New Excise Tax Will Hit Their Company Bottom Lines Hard
Date:4/18/2012

NEW YORK, April 18, 2012 /PRNewswire/ -- Financial executives in the medical device manufacturing industry predict that a new excise tax and the burden of its related compliance costs will have a negative impact on their company bottom lines, according to a survey conducted by KPMG LLP, the audit, tax and advisory firm.  Forty percent of respondents said their companies are already contemplating actions such as price increases and cost reductions -- headcount, manufacturing processes, or other means -- to stay competitive.

As part of the Health Care and Education Reconciliation Act of 2010, health care providers who manufacture or import medical devices or equipment for sale in the United States may be subject to a 2.3 percent excise tax.  The Internal Revenue Service and the U.S. Department of the Treasury issued proposed regulations pertaining to the tax in February.

In the KPMG survey, almost two-thirds (61 percent) of the 190 financial executives from the medical device manufacturing industry said the excise tax will negatively affect their company's bottom line, and 60 percent believe it will increase their company's tax compliance costs.  Fifty-five percent of respondents also expect that it will be difficult for their company to comply with the excise tax, citing confusion over which products will be taxable and challenges in implementing systems for compliance (both 16 percent) as key issues.

Determining the tax base for each taxable device (15 percent) and developing an implementation plan and determining the necessary resources required (13 percent) were also cited as expected compliance hurdles by respondents.

"Manufacturers and importers of medical devices have a great deal of work to do in order to prepare to begin reporting the tax, which is effective for sales on and after the January 1, 2013 effective date and applies to their sales of taxable medical devices in the United States," said Frank Ma
'/>"/>

SOURCE KPMG LLP
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3

Related medicine technology :

1. Alzheimers Foundation of America Survey: Americans With Memory Concerns Fall Short of Talking to Doctors
2. National Foundation for Infectious Diseases (NFID) Survey: Parents More Flu Aware and More Likely to Get Kids Vaccinated
3. New Survey: Walgreens Customers Flock to Independent Pharmacies
4. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
5. You May Have a Thyroid Problem and Not Know It - Particularly If Youre Over 60, Says a New Harvard Medical School Report
6. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
7. Globus Medical Raises $110 Million in Series E Financing Round
8. Quark Pharmaceuticals Appoints New Chief Medical Officer
9. Boston University Biomedical Engineers Find Chink in Bacterias Armor
10. Rochester Medical Anti-Infection Foley Catheter Demonstrates Effectiveness in Randomized Trial
11. Rockwell Medical Technologies, Inc. Begins Patient Enrollment for its SFP Dose-Ranging Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/15/2014)... 2014 As health officials across the Midwest warn against ... in Michigan will offer free diagnostic ... Meijer pharmacists to administer tests and, in some cases, fill ... participating in the study. The Grand ...
(Date:1/15/2014)... Jan. 15, 2014 Massachusetts General Hospital (MGH), ... AMGN ) announced today that they have launched ... new therapeutic targets and develop novel therapies for ... affects millions worldwide. The MGH-Broad-Amgen collaboration brings together ...
(Date:1/15/2014)...  Manufacturers, suppliers and distributors of innovative medical-related products ... most important business assets, intellectual property (IP). ... Because of the highly-competitive nature of the Medical ... most litigious industry sectors of cases involving IP ...
Breaking Medicine Technology:Meijer Pharmacy Offers Free Flu, Strep Testing as Influenza Cases Rise Across the Midwest 2Meijer Pharmacy Offers Free Flu, Strep Testing as Influenza Cases Rise Across the Midwest 3Mass. General, Broad Institute and Amgen Will Work to Discover New Drugs for Inflammatory Bowel Disease 2Mass. General, Broad Institute and Amgen Will Work to Discover New Drugs for Inflammatory Bowel Disease 3Mass. General, Broad Institute and Amgen Will Work to Discover New Drugs for Inflammatory Bowel Disease 4Intellectual Property Insurance for Medical-related Products and Services 2
(Date:4/17/2014)... study has found that India,s shocking rates of suicide ... who are clinging to tiny smallholdings less than ... such as cotton and coffee, that are highly susceptible ... range of previous case studies that point to a ... the ,liberalisation, of the nation,s economy during the 90s. ...
(Date:4/17/2014)... Researchers from LSTM have called for more research ... coinfection in children in sub-Saharan Africa. In a ... LSTM,s Professor Russell Stothard, working with colleagues in ... Western Reserve University, in Cleveland Ohio, University of ... previous research into the joint burden of HIV/AIDS ...
(Date:4/16/2014)... , DOWNERS GROVE, Ill. April 16, 2014 ... of surveillance colonoscopy in average-risk patients with one to ... about 90 percent of cases. This may be an ... multicenter endoscopic database study to quantify adherence to guidelines ...
(Date:4/15/2014)... by the RECIST Working Group published in the European ... more refined categorization of tumor response or various aspects of ... database. They found that modeling target lesion tumor growth ... beyond that of the other components of progression. The RECIST ...
(Date:4/14/2014)... USA The International and American Associations for Dental ... Diseases and Their Dental, Oral, and Craniofacial Manifestations." The ... Burke, Alison M. Boyce, Michael Collins, Brian L. Foster, ... Martha J. Somerman and J. Timothy Wright is published ...
Breaking Medicine News(10 mins):Health News:New evidence of suicide epidemic among India's 'marginalized' farmers 2Health News:New evidence of suicide epidemic among India's 'marginalized' farmers 3Health News:More research called for into HIV and schistosomiasis coinfection in African children 2Health News:Surveillance colonoscopy recommendations for average-risk patients with 1 to 2 small polyps consistent with guidelines 2Health News:Surveillance colonoscopy recommendations for average-risk patients with 1 to 2 small polyps consistent with guidelines 3Health News:Can refined categorization improve prediction of patient survival in RECIST 1.1? 2Health News:Rare bone diseases and their dental, oral and craniofacial manifestations 2
... from academic and business leaders, technologists, physicians, ... In response to President Obama,s call ... for Connected Health, a division of Partners ... in December, to explore the opportunities and ...
... patients, help rural broadband developmentWASHINGTON, Jan. 22 An ... protect patients from medical errors was adopted by unanimous ... & Commerce Committee,s markup of the Democrats, $825 billion ... secure electronic system to store our medical records, it ...
... 23 Rigel,Pharmaceuticals, Inc. (Nasdaq: RIGL ) today announced ... Sclerosis taking,place this week in Santa Fe, New Mexico. , ... Time: 2:30 - 4:30pm , ... MS , Presentation Title: The orally ...
... DEPTFORD, N.J., Jan. 23 In an effort to ... and Licensed Practical Nurses are set to participate in ... Innova Hammonton scheduled to begin at 6 a.m. on ... The National Union of Hospital and Health Care Employees ...
... open here in March, will provide clients with the opportunity in ... team of expert physicians at a state-of-the-art evaluation facility. , ... ... Health Evaluation Center (WHEC), set to open here in March, will ...
... Stethoscope.com announced today the implementation of customer product reviews for the ... ... Wayland, MA (PRWEB) January 23, 2009 -- Stethoscope.com ... full line of medical products offered on their website., , ,"We ...
Cached Medicine News:Health News:Healthcare Reform Should Include Connected Health and Participatory Medicine, Says Report Submitted to President Obama by Center for Connected Health 2Health News:Healthcare Reform Should Include Connected Health and Participatory Medicine, Says Report Submitted to President Obama by Center for Connected Health 3Health News:New Williamsburg Health Evaluation Center, The Ultimate Investment In Future Health And Well-Being, Set To Open In March 2
... seats and large backrests with lumbar support ... and casters and glides. • Choose the ... variety of environments including: industry, education, laboratory, ... office. • With cast aluminum base • ...
... chairs with concave seats and large ... options like seats, backrests, armrests, and ... BE Series for top performance in ... education, laboratory, clean room, static control, ...
... ergonomic chairs with concave seats and ... Select options like seats, backrests, armrests, ... the BE Series for top performance ... industry, education, laboratory, clean room, static ...
... chairs with concave seats and large backrests ... seats, backrests, armrests, and casters and glides. ... performance in a variety of environments including: ... health care and office. • With cast ...
Medicine Products: