Writte by guest blogger: David Emmons, CPA, CMI at Thomson Reuters
Complying with indirect taxes is a legal mandate that is not core to a business, yet the operational outlay is great. On January 1, 2013, indirect tax compliance for medical device manufacturers will get even more complicated, burdensome and expensive.
Passed as part of the Affordable Care Act (ACA), the Medical Device Excise Tax (MDET) will require that manufacturers of medical devices pay a 2.3% excise tax on certain medical devices. Although the tax will apply primarily to manufacturers and importers of medical devices, the tax is expected to impact the entire healthcare industry and ultimately, consumers. Full Article