Treasury

Treasury finances January-February 2008

4/3/2008

Cash Flow Statement in January–February 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

48 732

60 718

72 244

87 597

95 822

Expenditure

44 897

47 897

47 897

56 895

60 434

Current balance

3 836

12 821

22 277

30 702

35 389

Receipts from sale of fixed assets

-

-

-

-

-

Other cash payments / receipts

- 121

1 117

1 084

- 570

-1 302

Cash flows from operations

3 957

13 938

23 361

30 133

34 087

Financial transactions

-1 335

4 011

-2 469

-31 733

-2 312

Net financial balance

2 622

17 948

20 892

-1 601

31 775

Debt redemption

-13 878

-11 215

-8 064

-20 583

- 808

   Domestic

- 22

-2 216

-8 058

-20 583

- 704

   Foreign

-13 857

-9 000

- 6

-

- 104

Pension fund prepayments

-1 250

- 500

- 660

- 660

- 660

Gross borrowing requirement

-12 506

6 233

12 168

-22 844

30 308

New borrowing

17 571

1 016

1 532

38 519

2 327

   Domestic

3 218

-3 931

1 532

38 519

2 327

   Foreign

14 353

4 947

-

-

-

Overall cash balance

5 064

7 249

13 700

15 676

32 635



 Treasury revenue in January–February 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

68 547

82 517

90 669

 

19.4

20.4

9.9

Taxes on income and profit

33 228

39 781

44 410

 

45.8

19.7

11.6

Personal income tax

13 405

15 537

15 718

 

10.9

15.9

1.2

Corporate income tax

5 966

3 280

2 954

 

333.8

-45.0

-9.9

Other taxes on income and profit

13 856

20 964

25 738

 

48.5

51.3

22.8

Taxes on property

2 016

1 703

1 655

 

-15.3

-15.5

-2.9

Taxes on goods and services

26 973

33 511

36 228

 

1.3

24.2

8.1

Value added tax

18 133

24 718

25 898

 

-2.8

36.3

4.8

Excise tax on motor vehicles

1 618

1 063

2 472

 

20.9

-34.3

132.5

Excise tax on petrol

1 441

1 331

1 391

 

4.9

-7.7

4.5

Excise on oil

1 154

1 320

1 403

 

-10.8

14.4

6.3

Tobacco and liquor taxes

1 657

1 764

1 776

 

5.0

6.5

0.7

Other taxes on goods and services

2 971

3 316

3 289

 

24.1

11.6

-0.8

Taxes on international trade and transactions

 362

 779

1 158

 

-14.8

115.4

48.7

Other taxes

 112

 170

 322

 

8.9

52.0

89.3

Social security contributions

5 857

6 572

6 896

 

15.5

12.2

4.9

Grants

 111

 95

-

 

-7.1

-14.7

-100.0

Other revenue

3 571

4 671

5 100

 

14.3

30.8

9.2

Sale of assets

 14

 314

 53

 

-

-

-

Total revenue

72 244

87 597

95 822

 

19.0

21.3

9.4

 Treasury expenditure in January–February 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

5 255

6 189

7 189

 

17.8

16.2

of which: interest

 597

 917

1 257

 

53.6

37.0

Defence

 150

 105

 173

 

-29.9

65.2

Health

2 057

2 522

2 525

 

22.6

0.1

Social security and welfare

5 673

7 288

6 464

 

28.5

-11.3

Economic affairs

 460

 591

 519

 

28.6

-12.2

Education

 72

 80

 87

 

9.9

9.5

Culture, sports and religion

12 971

14 261

15 421

 

9.9

8.1

Law enforcement, justice, security

2 619

3 114

3 364

 

18.9

8.0

Environmental protection

7 293

7 825

8 921

 

7.3

14.0

Housing, zoning and utilities

11 368

13 404

13 781

 

17.9

2.8

Irregular expenditure

 984

1 143

1 987

 

16.2

73.8

Total expenditure

48 902

56 521

60 434

 

15.6

6.9



 

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.