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Tax Systems Implementation Project

Tax Systems Implementation Project. The Need For Change. Current Systems …. Inadequate for basic tax functions: Provision system (TIS) is unsupported Provision & Compliance systems not integrated Poor functionality (FIN48, FIN18, TBBS do not exist in current systems)

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Tax Systems Implementation Project

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  1. Tax Systems Implementation Project

  2. The Need For Change Current Systems … • Inadequate for basic tax functions: • Provision system (TIS) is unsupported • Provision & Compliance systems not integrated • Poor functionality (FIN48, FIN18, TBBS do not exist in current systems) • Do not support our Tax Vision: • More Tax resources allocated to Tax Planning • Single Income Tax System platform supporting: • Global provision and U.S. compliance Integrated • Tax planning and tax controversy processes • Visibility of global tax attributes • Foreign Tax Compliance • Integration of Transactional Taxes • VAT, Sales & Use, Property • Finance ERP systems (SAP, HFM, and Hyperion Planning) configured to support Tax

  3. Tax Accounting: Foreign Provision Fin48/UTP E&P Pools Domestic Deferred Domestic Provision Tax Planning Compliance: Dom., Int’l, State VAT Sales & Use Property Transfer Pricing Excise Audit/Controversy Tax Systems Vision 2011 2013 2012 Talisman Talisman OneSource (Implementation) OneSource (Implementation) Access TIS DI CorpTax CorpTax OneSource (Capability) Vertex Vertex Vertex TDW TDW TDW Access Access Access BNA BNA BNA

  4. Software Evaluation • Included all tax disciplines • Involved evaluation of two leading vendors: OneSource Is A Better Fit For Halliburton

  5. How OneSource Supports Our Direction • Sustained Process Improvements: • Flexible data feeds & adjustment automation enable working with F&A to improve upstream data feeds • Workflow allows us to build standard processes into software, thereby mitigating risk • Improved functionality means fewer manual workarounds and reformatting of reports • Single platform enables staff to move between Provision & Compliance • Improved Data Management: • Enables automation • More flexible data feeds • Less maintenance • Enhanced Reporting Capability: • Uncertain Tax Position Calculations (FIN 48) • Forecasting Functionality (FIN18) • Global Provision – visibility around the world, without manual effort Allows Us To Focus On Higher Value-Added Tax Activities

  6. Project Cost • Implementation Costs (2011 & 2012): $985K • Pay-Back in Year 3 (2013) Implementation: Software: OneSource Implementation Complete Jan. 1 2013

  7. Assumptions • Start Implementation in July 2011 • Team & agreements in place • Staged Implementation to be fully complete by 1/1/2013 • Domestic Provision (feed from Talisman for Global view) 1/1/2012 • Foreign Provision 1/1/2013 • Compliance 1/1/2013 • Implementation Team • OneSource Software • Ernst & Young Implementation Team • Halliburton Tax Staff (Provision, Compliance, Data Management) • Project Benefits • Headcount Reallocation (fully loaded @ $170K) • Elimination of old systems (CorpTax & DI) • Project Scope • Implementation & Configuration of OneSource Software

  8. Next Steps • Coordinate with: • Procurement & Legal • IT • Audit • F & A • Define Configuration: • Conduct configuration workshop with Ernst & Young and OneSource • Finalize workplan • Acquire Software/Services • Begin Implementation

  9. Tax Systems Team – Internal Resourcing • Mark Sumlin – Project Lead • Daniel Garcia – Project Manager • Gary Sella – Process Management • Kevin Shea – Data Management • Sara Sykes – Domestic Provision/Consolidation • Darrell Simmons – Foreign Provision • Randy Miller – Compliance Lead • Randy Phillips – Federal Compliance • Noman Mogul – International Compliance • Lyle Maddox – State Compliance

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