diff --git a/build/container/Makefile b/build/container/Makefile
index 32fd8fa6..808a6c0f 100644
--- a/build/container/Makefile
+++ b/build/container/Makefile
@@ -105,24 +105,20 @@ $(BUILD_TARGETS): build-%: $(ARTIFACTS_ROOT)
 build-ubuntu%: BASE_DIST = $(*)
 build-ubuntu%: DOCKERFILE_SUFFIX := ubuntu
 build-ubuntu%: PACKAGE_DIST = ubuntu18.04
-build-ubuntu%: PACKAGE_VERSION := $(LIB_VERSION)$(if $(LIB_TAG),~$(LIB_TAG))
 build-ubuntu%: LIBNVIDIA_CONTAINER0_DEPENDENCY=$(LIBNVIDIA_CONTAINER0_VERSION)
 
 build-ubi8: BASE_DIST := ubi8
 build-ubi8: DOCKERFILE_SUFFIX := centos
 build-ubi8: PACKAGE_DIST = centos8
-build-ubi8: PACKAGE_VERSION := $(LIB_VERSION)-$(if $(LIB_TAG),0.1.$(LIB_TAG),1)
 
 build-centos7: BASE_DIST = $(*)
 build-centos7: DOCKERFILE_SUFFIX := centos
 build-centos7: PACKAGE_DIST = $(BASE_DIST)
-build-centos7: PACKAGE_VERSION := $(LIB_VERSION)-$(if $(LIB_TAG),0.1.$(LIB_TAG),1)
 
 build-packaging: BASE_DIST := ubuntu20.04
 build-packaging: DOCKERFILE_SUFFIX := packaging
 build-packaging: PACKAGE_ARCH := amd64
 build-packaging: PACKAGE_DIST = all
-build-packaging: PACKAGE_VERSION := $(LIB_VERSION)$(if $(LIB_TAG),-$(LIB_TAG))
 
 # Test targets
 test-%: DIST = $(*)
diff --git a/docker/docker.mk b/docker/docker.mk
index 372a3a35..8250904e 100644
--- a/docker/docker.mk
+++ b/docker/docker.mk
@@ -88,8 +88,6 @@ docker-all: $(AMD64_TARGETS) $(X86_64_TARGETS) \
 LIBNVIDIA_CONTAINER_VERSION ?= $(LIB_VERSION)
 LIBNVIDIA_CONTAINER_TAG ?= $(LIB_TAG)
 
-LIB_VERSION := $(LIB_VERSION)$(if $(LIB_TAG),~$(LIB_TAG))
-PKG_REV := 1
 LIBNVIDIA_CONTAINER_TOOLS_VERSION := $(LIBNVIDIA_CONTAINER_VERSION)$(if $(LIBNVIDIA_CONTAINER_TAG),~$(LIBNVIDIA_CONTAINER_TAG))-1
 
 # private ubuntu target
@@ -143,8 +141,8 @@ docker-build-%:
 	    --build-arg BASEIMAGE="$(BASEIMAGE)" \
 	    --build-arg GOLANG_VERSION="$(GOLANG_VERSION)" \
 	    --build-arg PKG_NAME="$(LIB_NAME)" \
-	    --build-arg PKG_VERS="$(LIB_VERSION)" \
-	    --build-arg PKG_REV="$(PKG_REV)" \
+	    --build-arg PKG_VERS="$(PACKAGE_VERSION)" \
+	    --build-arg PKG_REV="$(PACKAGE_REVISION)" \
 	    --build-arg LIBNVIDIA_CONTAINER_TOOLS_VERSION="$(LIBNVIDIA_CONTAINER_TOOLS_VERSION)" \
 	    --build-arg CONFIG_TOML_SUFFIX="$(CONFIG_TOML_SUFFIX)" \
 	    --build-arg GIT_COMMIT="$(GIT_COMMIT)" \
diff --git a/versions.mk b/versions.mk
index 5b2e7fd3..701d52b2 100644
--- a/versions.mk
+++ b/versions.mk
@@ -16,6 +16,11 @@ LIB_NAME := nvidia-container-toolkit
 LIB_VERSION := 1.13.0
 LIB_TAG := rc.1
 
+# The package version is the combination of the library version and tag.
+# If the tag is specified the two components are joined with a tilde (~).
+PACKAGE_VERSION := $(LIB_VERSION)$(if $(LIB_TAG),~$(LIB_TAG))
+PACKAGE_REVISION := 1
+
 # Specify the nvidia-docker2 and nvidia-container-runtime package versions.
 # Note: The build tooling uses `LIB_TAG` above as the version tag.
 # This is appended to the versions below if specified.