WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
Data/Airtime is now the world most valuable Resource.
Insurance companies may also suffer a large chunk of the
www.economist.com
adverse tax impact that the impairment model under IFRS 9
Telecom industry is now bigger than Oil & Gas-Techpoint
may bring. Despite the expected increase in their
Average Nigerians spend N2,000 on airtime monthly $3.5
impairment losses, the tax-deductible portion of their total
Billion Dollars Daily Data Consumption Captured Globally -
expenses will address the tax implications of impairment
internetlivestata.com
losses under IFRS 9. In light of the potentially significant tax
Over 130 millions Nigerians use Airtime & Over 91 million
implications highlighted above, it would be extremely
Nigerian access internet
important for companies, organizations and corporate
Investment in telecom sector hits $70 billion – Nigeria - The
bodies to review their business models and contractual
Guardian Nigeria Newspaper….. www.googleweblight.com.
cash flow obligations as they prepare to adopt IFRS 9, and
The financial stress of looking for millions of naira to own
proactively assess how the implementation of the new
VTU (Virtual Top Up) License from Telecom companies is
standard will impact their tax position and obligations.
over. Own your Telecom Virtual Top up License with just
Other Areas of Importance: IFRS and tax differ in various
other areas, including long-term contracts, contingencies,
leases, foreign currency gains and losses, pension expenses,
and business combination expenses. These and other
accounting issues must be reviewed by tax Practitioners for
their clients as part of tax planning and compliance with the
changes to IFRS. IFRS will make substantial changes to
revenue recognition rules, and Practitioners will have to
follow developments closely to see how these will apply in
the tax area.
Conclusion
Tax Practitioners often tend to focus on tax law rather than
on financial accounting standards, but IFRS will require Tax
Practitioners and Accountants to learn a new set of
standards to be able to assist their clients, organizations,
companies with tax compliance and planning. Tax
Practitioners will also do additional work as they assist
clients in changing to IFRS, including evaluating tax policies
and planning and preparing returns and new schedule
adjustments on tax returns. Tax Accountants should be
involved in setting up accounting systems to capture
information that are required for tax purposes but that may
not be required for financial reporting. Because of the
emphasis on fair market value (FMV) and professional
judgment in IFRS, practitioners and Accountants also have
an opportunity to expand clients services.
INTERVIEW
BUILDING A RESIDUAL CASHFLOW FROM THE
TELECOM
INDUSTRY
THROUGH
NETWORK
MARKETING
AMBASSADOR KPOUGHGA CHRISTOPHER THOMAS
RECHARGE AND GET PAID LTD.
(Raising Digital Top Up (VTU) Dealers/Entrepreneurs in
Global Telecommunication Industry)
FACTS ABOUT TELECOMMUNICATION INDUSTRY
Inflow investment in Nigeria Telecom Market now hit
N21.4 Trillion -Vanguard Newspaper
Per 1 hour over 3 million Nigeria Recharge their phone –
Nigeria Communication Commission (NCC)
Nigerians are spending Trillions on Airtime & Data
Monthly
Banks make huge money doing VTU telecom business than
their core financial Business
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N5,000, N10,000, N20,000, N30,000, N40,000, OR N50,000.
You can Build a Sub Telecom VTU Dealers of up to
100,000/1millions plus, earn on all their sales of airtime, Data
& Be on the same league with Banks, Quick Teller Point.
INTERVIEW WITH AMBASSADOR
CHRISTOPHER THOMAS
KPOUGHGA
BUILDING A RESIDUAL CASHFLOW FROM THE
TELECOM
INDUSTRY
THROUGH
NETWORK
MARKETING
How long have you been involved in Network Marketing?
“Life is so exciting when you have a Dream”.
My name is Amb. Kpoughga Christopher Thomas. Before I
meet this wonderful opportunity, I was a student, but after
then I had many different jobs including sales boy, Hotel
Manager, Computer Operator, Sales Representative, all of this
was not a vehicle for me to achieve my dreams. Because I
have Big Dreams that I wanted to achieve in the future. Am a
year old in this industry and all my dreams are gradually
unfolding.
How did u get involved in the industry?
“Life is do it yourself project”. This is one of the great
revelations of the industry for me. I had always been willing
to work hard. I had held a powerful vehicle and I could
change my whole life by changing my thoughts and actions.
Is the product line an essential ingredient to a successful
Business?
Yes of course! When you look at the product, you will
discover that they are essential products we cannot do without
daily after food, for example; airtime, data, Power Holding
Company of Nigeria (PHCN) subscription, digital television
subscription (gotv, tstv, startimes), Join Admission
Matriculation Board (JAMB) exams registration, West Africa
Examination Council (WAEC) exams registration, National
Examination Council (NECO) exams registration, etc.
checkout the statistics above. Nigerians spend N 1.05
Trillions on Airtime alone in 5 months.
How much do you earn?
Where you will be in the future depends upon the books you
read, the tapes you listen to, and the people you associate
with. I began to hang around the people in my company that
were doing something. I read good books, listened to tapes,
and went to work.
Is this company the only company you have joined?
ENDEAVOR 2019 | WAIMS ACADMIC PRESS
60 | P a g e