diff --git a/Makefile b/Makefile
index 4e1f02f..97313b2 100644
--- a/Makefile
+++ b/Makefile
@@ -1,8 +1,13 @@
-VERSION=v0.0.2
 BUILD_DATE=$(shell date -u +'%Y-%m-%dT%H:%M:%SZ')
 GIT_COMMIT=$(shell git rev-parse HEAD)
 GIT_COMMIT_SHORT=$(shell git rev-parse --short HEAD)
-GIT_VERSION=${VERSION}-master+${GIT_COMMIT}
+GIT_TAG=$(shell git describe --abbrev=0 --tags 2>/dev/null || echo v0.0.0)
+GIT_IS_TAG=$(shell git describe --exact-match --abbrev=0 --tags 2>/dev/null || echo NOT_A_TAG)
+ifeq (${GIT_IS_TAG},NOT_A_TAG)
+GIT_VERSION?=$(patsubst v%,%,${GIT_TAG})-master+${GIT_COMMIT}
+else
+GIT_VERSION?=$(patsubst v%,%,${GIT_TAG})
+endif
 LDFLAGS="-X github.com/swisstxt/cloudstack-cloud-controller-manager/vendor/k8s.io/kubernetes/pkg/version.gitVersion=${GIT_VERSION} -X github.com/swisstxt/cloudstack-cloud-controller-manager/vendor/k8s.io/kubernetes/pkg/version.gitCommit=${GIT_COMMIT} -X github.com/swisstxt/cloudstack-cloud-controller-manager/vendor/k8s.io/kubernetes/pkg/version.buildDate=${BUILD_DATE}"
 export CGO_ENABLED=0
 export GO111MODULE=on