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Halliburton Tax Systems Project

Halliburton's current tax systems are inadequate for essential tax functions, prompting a need for change. The existing provision system is unsupported and lacks integration with compliance systems, leading to poor functionality and inefficiency. The recommendation is to adopt OneSource as the unified income tax platform, enhancing global provision, U.S. compliance, and tax planning processes. This transition will allow for improved data management, process automation, and risk mitigation, ultimately saving $0.75M annually. Implementation is anticipated to be completed by January 1, 2014.

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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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