MDETS - Medical Device Excise Tax Solution
The new Medical Device Excise Tax poses unique challenges for manufacturers and importers of medical devices. DMA’s proprietary Medical Device Excise Tax Solution (MDETS) provides clients with a centralized tax management and reporting solution for this tax.
MDETS is a comprehensive solution to the most significant challenges related to the Medical Device Excise Tax. The solution offers the following:
- FDA-Listed Medical Device Management to determine what constitutes a taxable medical device
- MDETS Import Management for extracting taxable transactions from the accounting system
- MDETS Sale Pricing Rules Management to determine the correct sale price for tax calculation
- Exemption Management to identify sales for further manufacture or exportation exemptions
- Reporting Management to run reports for data validation
- Adjustment Management for making necessary adjustments
By using MDETS, our clients can automate reporting sales data, filing returns, and creating an audit trail. Additionally, record retention is electronic and reports may be customized. MDETS also automates importing and processing of data, memorializes sales and tax data, and creates output files for loading into your ERP for accounting purposes.