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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
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SOURCE KPMG LLP
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