News

Treasury finances January-September 2006

11/2/06

Cash Flow Statement, January–September

Millions of krónur
2002 2003 2004 2005 2006
Revenue 168 001 187 293 201 207 305 378 277 246
Expenditure 184 347 195 857 212 932 233 596 233 632
Current balance -16 346 -8 564 -11 725 71 782 43 614
Receipts from sale of fixed assets -3 252 -12 013 - -56 755 -
Other cash payments / receipts -1 634 - 735 1 320 - 446 258
Cash flows from operations -21 232 -21 312 -10 405 14 581 43 872
Financial transactions 8 382 20 202 7 969 45 165 -2 245
Net financial balance -12 850 -1 110 -2 436 59 746 41 627
Debt redemption -22 698 -19 498 -30 843 -47 939 -38 071
   Domestic -10 597 -7 048 -5 676 -14 056 -15 198
   Foreign -12 101 -12 450 -25 166 -33 883 -22 873
Pension fund prepayments -6 750 -5 625 -5 625 -2 950 -2 970
Gross borrowing requirement -42 298 -26 233 -38 904 8 857  586
New borrowing 50 238 31 467 40 679 11 698 24 978
   Domestic 14 627 30 253 17 430 11 698 20 362
   Foreign 35 611 1 214 23 249 - 4 616
Overall cash balance 7 940 5 234 1 775 20 555 25 564

Treasury revenue, January–September

Millions of krónur Change from previous year in per cent
2004 2005 2006 2004 2005 2006
Total taxes and social security contributions 187 275 228 399 260 030 15,3 22,0 13,8
Taxes on income and profit 59 556 73 933 88 400 20,3 24,1 19,6
Personal income tax 44 361 48 895 54 830 12,0 10,2 12,1
Corporate income tax 7 473 8 179 17 117 128,9 9,4 109,3
Other taxes on income and profit 7 723 16 859 16 452 16,1 118,3 -2,4
Taxes on property 7 509 10 873 6 897 20,3 44,8 -36,6
Taxes on goods and services 96 358 116 093 132 458 12,8 20,5 14,1
Value added tax 64 064 78 353 91 137 13,8 22,3 16,3
Excise tax on motor vehicles 4 571 7 856 8 256 36,3 71,9 5,1
Excise tax on petrol 6 481 6 826 6 904 11,5 5,3 1,1
Excise on oil  4 469 3 907 4 994 18,5 -12,6 27,8
Tobacco and liquor taxes 7 667 8 091 8 437 3,2 5,5 4,3
Other taxes on goods and services 9 105 11 060 12 730 4,4 21,5 15,1
Taxes on international trade and transactions 2 250 2 456 3 311 20,5 9,2 34,8
Other taxes 1 233 1 340 1 461 . 8,7 9,0
Social security contributions  20 369 23 704 27 504 9,2 16,4 16,0
Grants   279  321  885 -58,1 15,1 175,7
Other revenue 13 610 19 512 15 783 16,9 43,4 -19,1
Sale of assets  43 57 145  547 - - -
Total revenue 201 207 305 377 277 246 7,4 51,8 -9,2

 Treasury expenditure, January–September

 

Millions of krónur Change from previous year in per cent
2004 2005 2006 2005 2006
General public services 35 554 48 462 36 421 36,3 -24,8
of which: interest 11 512 16 496 7 865 43,3 -52,3
Health 55 419 58 752 63 210 6,0 7,6
Social security and welfare 50 973 53 233 54 866 4,4 3,1
Economic affairs 32 220 31 018 31 527 -3,7 1,6
Education 20 217 23 218 26 112 14,8 12,5
Culture, sports and religion 9 429 9 218 10 337 -2,2 12,1
Law enforcement, justice, security 6 573 6 824 8 108 3,8 18,8
Environmental protection 2 383 2 537 2 730 6,5 7,6
Housing, zoning and utilities 176  335  321 90,4 -4,1
Total expenditure 212 943 233 596 233 632 9,7 0,0

Note:

Revised revenue classification of the Treasury in January 2006: The classification of Treasury revenue has been revised according to the IMF Government Finance Statistics Manual of 2001. The earlier classification was based on an earlier version of the Manual. The new classification was first published last autumn in the 2004 Treasury accounts and introduced in the 2006 fiscal budget. It is now applied in the monthly revenue statements of the Treasury.

The main changes from the previous classification is that social contributions are separated from tax revenue and classified under a new main heading "Taxes and social contributions". Taxes on international trade and transactions, such as customs duties and other import charges, are now shown separately and are no longer under the heading "Taxes on goods and services". Regarding the other revenue, the new classification provides more details than the earlier version. The new classification also calls for a revision of several other items, such as the tax for the Elderly's Construction Fund and several user and licence charges.