Eko Electric to begin new VAT rate on meters from Feb. 1

Posted by News Express | 29 January 2020 | 539 times

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The Eko Electricity Distribution Company (EKEDC) has announced that the prices of meters sold to customers under the Meter Asset Provider scheme would be reviewed upward from Feb. 1.

Mr Godwin Idemudia, General Manager, Corporate Communications,  EKEDC,  who made the announcement in a statement on Wednesday, said the review was to reflect the increase in Value Added Tax (VAT) from five per cent to 7.5 per cent by the Federal Government.

Idemudia stated that the move was in compliance with the decision of the Federal  Government that the VAT increase would become effective from Feb. 1.

He said that customers were now expected to pay N39,765.86 (VAT inclusive) for a single-phase meter and N72,085.68  (VAT inclusive) for a three-phase meter.

It is a rise from the present rates of N38,325 for single-phase meter and N70, 350 for three-phase meter.

According to him, the VAT on tariffs have been adjusted to accommodate the new 7.5 per cent rate, while service charges on installment meter payments through MAP will be reviewed to accommodate the new VAT charge.

Idemudia commended EKEDC customers for their support to the Disco.

He urged them to ensure they  always pay their bills on time, to enable the company have funds to execute several projects aimed at improving service delivery within its operational network.  (NAN)

Source: News Express

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