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

ttei, national tax leader of KPMG's Pharmaceutical and Medical Device practice.  "Companies will need to become familiar with the excise tax rules, identify their affected entities and products, and develop the appropriate compliance processes.  A 'gap' analysis should be conducted as soon as possible to identify areas that need to be addressed."

The KPMG survey also reveals that, in response to the tax, many medical device industry companies are already considering actions that they believe will help them stay competitive.  Twenty-two percent of respondents said their companies would most likely consider increasing the cost of goods sold to the purchaser, while 13 percent said their organizations would most likely consider making cost reductions in areas such as headcount and manufacturing processes.  Fifty percent said they were unsure about the actions their company might take.

Thirty-five percent of respondents to the KPMG survey said their company is currently working across several departments to prepare for the implementation of the excise tax regime.  Nine percent said steps were being taken to prepare for the implementation within the tax department only, while 30 percent said they were not taking any steps to prepare because they were either still trying to understand the implications or evaluate their options.

"Companies need to work across various functions to prepare for effective compliance, because this is not just a tax issue," said Adam Uttley, a KPMG tax partner focused on accounting methods, credits, and special projects.  "Finance and tax departments will need to work with their IT, operations, and regulatory counterparts, while keeping leadership informed of issues that could affect the business.

"Although many may still be hoping for legislative relief, it would be prudent to assume that a first deposit of medical device excise tax will be due by January 29, 2013, and the first quarterly
'/>"/>

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:12/13/2014)... Research and Markets ( http://www.researchandmarkets.com/research/2r6bmg/drug_injection ... "Drug Injection Devices to 2020" report to ... As new drugs become available ... health conditions, drug developers have increasingly pursued packaging ... and increase the efficiency and reliability with which ...
(Date:12/13/2014)...  Radiologists can transmit their reports, which can ... physicians, electronic health records (EHR) systems securely, efficiently, ... That was the message behind a ... the recent Radiology Society of North America Meeting ... in this manner also helps referring physicians satisfy ...
(Date:12/13/2014)... -- Mindray Medical International Limited ("Mindray", NYSE: ... medical devices worldwide, today announced shareholder resolutions adopted at ... Hong Kong on December 10, 2014. ... re-elect incumbent directors Li Xiting and Kern Lim, each ... re-elect Peter Wan as a director. ...
Breaking Medicine Technology:Drug Injection Devices to 2020 2Drug Injection Devices to 2020 3Drug Injection Devices to 2020 4Advanced Data Systems Presents on Interface-Free EHR Communications at RSNA's 2014 Conference: Streamlining Communication of Reports and Images to Referring Physicians 2Advanced Data Systems Presents on Interface-Free EHR Communications at RSNA's 2014 Conference: Streamlining Communication of Reports and Images to Referring Physicians 3Mindray Announced Shareholder Resolutions Post 2014 Annual General Meeting 2
(Date:12/17/2014)... -- Expectant parents should leave prenatal picture-taking to medical ... Use of ultrasound imaging and heartbeat monitors to get ... agency warns. "Although there is a lack ... and heartbeat monitors, prudent use of these devices by ... FDA biomedical engineer, said in an agency news release. ...
(Date:12/17/2014)... HealthDay Reporter , TUESDAY, Dec. 16, ... America, and work commitment is a big reason why, new ... said Dr. Mathias Basner, an assistant professor of sleep and ... of Medicine. A time-use survey of nearly 125,000 Americans, ... main activity exchanged for sleep. Short sleepers -- those who ...
(Date:12/15/2014)... 15, 2014 South Florida’s leading urgent care ... can be a daze of hassle, hustle, and bustle that ... decking halls, to burns when making special meals and heartburn ... can happen at any time. To prevent this season of ... made a list of helpful and healthful holiday tips to ...
(Date:12/15/2014)... News) -- Expert pilots process visual information more efficiently ... better decisions during landings, a new study shows. ... pilots to master, and 36 percent of all airplane ... final approach and landing. Researchers monitored the brain ... pilots while they were at the controls of a ...
(Date:12/15/2014)... 15, 2014 At the leading, long-established ... AutismOne and Focus Autism will welcome ... research on the effects of toxins to children’s health, ... information. , Luminaries such as Dr. Lucija Tomljenovic ... with esteemed, credentialed colleagues of the United States to ...
Breaking Medicine News(10 mins):Health News:FDA Warns Against Fetal 'Keepsake' Videos 2Health News:Work Steals Valuable Sleep Time, Study Finds 2Health News:Work Steals Valuable Sleep Time, Study Finds 3Health News:MD Now Urgent Care Presents Healthy Holiday Tips 2Health News:MD Now Urgent Care Presents Healthy Holiday Tips 3Health News:Study Shows Why Expert Pilots Are Experts 2Health News:AutismOne and Focus Autism Collaborate on Scientific Conference; International Group of Researchers to Present in Chicago, May 2015 2Health News:AutismOne and Focus Autism Collaborate on Scientific Conference; International Group of Researchers to Present in Chicago, May 2015 3
... , , ABBOTT PARK, Ill., ... goal of a 5 percent reduction in the amount of packaging ... effort to minimize its impact on the environment. To achieve ... of launching, more than 40 sustainable packaging initiatives across its nutrition, ...
... to alleviate the shortage of available liver donors. Accurate estimation ... and recipient is crucial. Scholars of different countries established several ... most accurate for Chinese adults has remained unclear. ... on August 28, 2009 in the World Journal of ...
... type of cellular adaptor protein and transcriptional co-activator. In ... overexpressed and highly activated in hepatic cancers and mammary ... of the inhibitor of apoptotic protein (IAP) family, which ... cell protease receptor-1 in the human genomic library in ...
... Antidepressant drug Paxil, which generated about 2.1% of GlaxoSmithKline,s ... defects, but the world,s second-biggest drugmaker hid its risks to ... , According to available information, Glaxo failed ... Paxil,s risks. The Philadelphia trial is the first of more ...
... Md., Sept. 16 On September 15, 2009, GenVec, Inc. (Nasdaq: ... Market stating that the minimum bid price of the Company,s common ... and that the Company was therefore not in compliance with Marketplace ... on the listing of the Company,s common stock on The NASDAQ ...
... , WEDNESDAY, Sept. 16 (HealthDay News) -- Scientists have long ... But now researchers have found a possible equalizer -- a ... youngest poor kids may be enough to offset negative ... skills, at least up to the fifth grade, according to ...
Cached Medicine News:Health News:Abbott Expands Use of Sustainable Packaging as Part of Global Environmental Efforts 2Health News:Abbott Expands Use of Sustainable Packaging as Part of Global Environmental Efforts 3Health News:Abbott Expands Use of Sustainable Packaging as Part of Global Environmental Efforts 4Health News:Glaxo Official Memo Urged Scientists to Withhold Information About Paxil's Risks, Trial Hears; Pharmaceutical Industry Today Offers Complete News Coverage 2Health News:GenVec Receives NASDAQ Notice of Minimum Bid Price Non-Compliance 2Health News:GenVec Receives NASDAQ Notice of Minimum Bid Price Non-Compliance 3Health News:Better Day Care, Smarter Kids? 2Health News:Better Day Care, Smarter Kids? 3Health News:Better Day Care, Smarter Kids? 4
Lyphochek Whole Blood Metals Control contains the major heavy metals of toxicological and environmental importance for whole blood analysis....
Lyphochek Whole Blood Control is a unique product designed to monitor immunosuppressants, red cell folate and lead in whole blood assays. This control has three critical levels for each analyte and i...
qUAntify Plus Control is a combination urine dipstick and microscopic control. The control is available in either 12 mL centrifuge tubes or 120 mL flip-top squeeze bottles....
Lyphochek Maternal Serum Control is a trilevel product with analytes at clinically significant levels to monitor maternal serum analysis....
Medicine Products: