Treasury

Treasury finances January 2008

3/6/2008

Cash Flow Statement in January 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

24 204

29 894

41 132

51 972

56 587

Expenditure

24 737

25 338

25 508

28 339

31 597

Current balance

- 533

4 556

15 624

23 633

24 990

Receipts from sale of fixed assets

- 672

-

-

-

-

Other cash payments / receipts

- 590

-1 901

-1 698

- 115

 420

Cash flows from operations

-1 795

2 655

13 926

23 518

25 410

Financial transactions

 204

3 219

-1 077

-30 342

-1 051

Net financial balance

-1 591

5 874

12 849

-6 824

24 359

Debt redemption

- 17

-11 135

-4 049

- 60

- 576

   Domestic

- 17

-2 142

-4 049

- 60

- 576

   Foreign

-

-8 994

-

-

-

Pension fund prepayments

- 625

-

- 330

- 330

- 330

Gross borrowing requirement

-2 233

-5 261

8 470

-7 214

23 453

New borrowing

7 674

5 563

1 532

31 861

-3 550

   Domestic

8 012

-3 431

1 532

31 861

-3 550

   Foreign

- 338

8 994

-

-

-

Overall cash balance

5 442

 302

10 002

24 647

19 903



 


 

Treasury revenue in January 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

39 043

49 532

54 218

 

37.6

26.9

9.5

Taxes on income and profit

25 445

29 976

31 697

 

54.3

17.8

5.7

Personal income tax

7 766

8 714

7 880

 

7.2

12.2

-9.6

Corporate income tax

4 143

1 232

 333

 

942.5

-70.3

-72.9

Other taxes on income and profit

13 535

20 030

23 484

 

53.0

48.0

17.2

Taxes on property

 810

 594

 831

 

11.2

-26.8

40.0

Taxes on goods and services

9 324

14 560

17 057

 

14.2

56.2

17.2

Value added tax

5 370

10 560

12 532

 

9.4

96.6

18.7

Excise tax on motor vehicles

 732

 441

 864

 

20.6

-39.7

95.8

Excise tax on petrol

 834

 814

 777

 

2.0

-2.5

-4.5

Excise on oil

 451

 516

 555

 

91.1

14.4

7.5

Tobacco and liquor taxes

 830

 865

 894

 

4.6

4.3

3.3

Other taxes on goods and services

1 107

1 364

1 435

 

38.0

23.2

5.3

Taxes on international trade and transactions

 295

 748

 854

 

24.8

153.8

14.0

Other taxes

 57

 56

 153

 

39.2

-1.3

170.3

Social security contributions

3 111

3 598

3 626

 

15.0

15.7

0.8

Grants

 38

 35

-

 

-29.6

-8.0

-100.0

Other revenue

2 037

2 219

2 369

 

38.3

8.9

6.7

Sale of assets

 14

-

-

 

-

-

-

Total revenue

41 132

51 786

56 587

 

37.6

25.9

9.3

 


 

Treasury expenditure in January 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

3 003

3 332

3 862

 

10.9

15.9

of which: interest

 512

 639

1 080

 

24.8

69.1

Defence

 136

 33

 84

 

-75.7

155.1

Health

 820

1 173

1 250

 

43.1

6.5

Social security and welfare

2 590

3 564

3 294

 

37.6

-7.6

Economic affairs

 210

 271

 167

 

29.3

-38.4

Education

 43

 32

 43

 

-25.2

34.3

Culture, sports and religion

7 110

7 084

7 569

 

-0.4

6.8

Law enforcement, justice, security

1 422

1 739

1 763

 

22.3

1.4

Environmental protection

4 545

4 887

5 915

 

7.5

21.0

Housing, zoning and utilities

5 161

5 694

6 318

 

10.3

11.0

Irregular expenditure

 468

 530

1 331

 

13.2

151.3

Total expenditure

25 508

28 339

31 597

 

11.1

11.5



 

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.