Tax & Accounting Blog

Thomson Reuters’ Software Helps Medical Device Makers Comply with New U.S. Excise Tax

Indirect Tax, ONESOURCE, ONESOURCE Property Tax, Sales and Use Tax August 23, 2012

New York, August 23, 2012 — Thomson Reuters today announced that the latest release of its ONESOURCE Indirect Tax global determination software will enable companies to efficiently comply with the new 2.3 percent medical devices tax.

The tax passed on June 28, 2012, and will go into effect on January 1, 2013.  It is estimated to raise $20 billion by 2019.