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Halliburton Tax Systems Project

Halliburton Tax Systems Project. Income Tax System Recommendation. Need For Change. Our Current Systems …. Are inadequate for basic tax functions: Provision system (TIS) is unsupported Provision & Compliance systems not integrated

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Halliburton Tax Systems Project

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  1. Halliburton Tax Systems Project Income Tax System Recommendation

  2. Need For Change Our Current Systems … • Are 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) • And 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. Software Evaluation • Engaged All Tax Disciplines • Intense evaluation of two leading vendors: OneSource Is A Better Fit For Halliburton

  4. How OneSource Supports Our Direction • Process Improvement: • Flexible Data Feeds & Automation of Adjustments enables us to work with F&A to Improve upstream data feeds • Workflow: build standard processes into software = Risk mitigation • Improved functionality (fewer manual workarounds, reformatting reports) • Easier for Tax staff to move between Provision & Compliance • Data Management: • Enables automation • More flexible data feeds • Less maintenance • Provision: • Uncertain Tax Position Functionality (FIN 48) • Forecasting Functionality (FIN18) • Global Provision view– visibility across board, less manual effort Allows Us To Focus On Higher Value-Added Tax Activities

  5. Project Cost • Total Project Spend (2011 & 2012): $2.0M • Annual Savings (Post-Implementation): $0.75M • Headcount reduction (4) : $680K • Elimination of Legacy Systems: $200K • Increased Annual Software Cost: ($130K) • Pay-Back in Year 4 (2014) OneSource Implementation Complete Jan. 1 2013

  6. Next Steps • Coordinate with: • Procurement & Legal • IT • Audit • F & A • Acquire Software/Services • Begin Implementation

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