IBEDC TO REFLECT NEW VAT RATE ON TRANSACTIONS
Ibadan Electricity Distribution Company (IBEDC) has announced that from February 1, 2020, there will an upward review in the prices of Meters sold to Customers under the Meter Asset Provider scheme (MAP) introduced in 2019.
The management said the increase is necessitated by the federal government’s increase in the value-added tax (VAT) from 5 per cent to 7.5 per cent. In the light of the above, a single-phase Meter which used to cost N38,325.00 (VAT inclusive) will now cost N39,237.50( VAT inclusive), while the three-phase Meter which used to cost N70,350.00(VAT inclusive) will now cost N72, 025.00(VAT inclusive) .
Subsequently, the meter service charge on MAP payment by instalments will also be reviewed to accommodate the new VAT charge.
IBEDC management pointed out that, similarly the VAT on tariff has been adjusted to accommodate the new 7.5 per cent rate. The company appeals to its esteemed customers to take note, as this will be reflected during bill payment and vending for postpaid and pre-paid customers respectively.