From Blessing Ibunge, Port Harcourt
The management of Port Harcourt Electricity Distribution, PHED, Plc has declared that henceforth from February 1, 2020, value added tax, VAT, on bill payment from customers company, will attract 7.5 percent as against the hitherto 5%.
This was disclosed in a statement signed by John Onyi, Manager, Corporate Communications PHED.
According the statemen, ‘The 2.5% increase in VAT is coming on heels of the recent approval by the Federal Government of Nigeria through the Ministry of Finance as captured in 2020 fiscal year.
‘To this end, the Port Harcourt Electricity Distribution Plc in compliance with the directive will effect the increase in VAT from the said date’.
Mr Onyi further stated that ‘The marginal increase in VAT will not only affect the billing system but other operations that attract VAT such as meter purchase by the customers, among others’.
PHED, therefore, enjoins all its customers in Akwa Ibom, Bayelsa, Cross River and Rivers states ‘not to relent in prompt of electricity bill as this remains the only way to sustain the power sector’.