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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
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SOURCE KPMG LLP
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