Treasury

Treasury finances January-March 2008

5/8/2008

Cash Flow Statement in January–March 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

64 635

79 449

99 707

118 420

127 835

Expenditure

65 039

70 255

73 891

85 628

93 577

Current balance

- 404

9 194

25 816

32 792

34 259

Receipts from sale of fixed assets

-

-

-

-

-

Other cash payments / receipts

- 838

 108

-2 730

-2 434

3 504

Cash flows from operations

 435

9 301

23 086

30 357

37 763

Financial transactions

3 177

6 210

-2 529

-32 020

-2 306

Net financial balance

3 611

15 511

20 557

-1 663

35 457

Debt redemption

-13 950

-11 404

-9 096

-31 921

- 808

   Domestic

- 57

-2 220

-9 096

-20 810

- 704

   Foreign

-13 893

-9 184

-

-11 111

- 104

Pension fund prepayments

-1 875

- 850

- 990

- 990

- 990

Gross borrowing requirement

-12 214

3 257

10 471

-34 574

33 659

New borrowing

34 626

1 094

1 532

43 753

- 322

   Domestic

14 240

-3 831

1 532

39 362

- 322

   Foreign

20 387

4 925

-

4 391

-

Overall cash balance

5 064

4 351

12 003

9 180

33 337



 Treasury revenue in January–March 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

94 593

111 812

119 261

 

25.9

18.2

6.7

Taxes on income and profit

41 004

49 294

53 593

 

40.0

20.2

8.7

Personal income tax

19 592

22 968

23 079

 

11.5

17.2

0.5

Corporate income tax

7 475

5 369

4 754

 

249.0

-28.2

-11.5

Other taxes on income and profit

13 937

20 957

25 760

 

45.4

50.4

22.9

Taxes on property

3 032

2 713

2 279

 

-16.3

-10.5

-16.0

Taxes on goods and services

40 683

48 276

50 677

 

20.5

18.7

5.0

Value added tax

27 511

35 000

35 229

 

25.1

27.2

0.7

Excise tax on motor vehicles

2 677

1 809

3 193

 

32.1

-32.4

76.5

Excise tax on petrol

2 279

2 218

2 079

 

11.7

-2.7

-6.3

Excise on oil

1 630

1 865

2 006

 

-24.9

14.4

7.6

Tobacco and liquor taxes

2 491

2 592

2 744

 

5.2

4.1

5.9

Other taxes on goods and services

4 095

4 792

5 426

 

29.5

17.0

13.2

Taxes on international trade and transactions

 854

1 387

1 900

 

26.9

62.4

37.0

Other taxes

 174

 259

 552

 

8.2

48.7

113.0

Social security contributions

8 845

9 884

10 260

 

16.1

11.7

3.8

Grants

 220

 205

 27

 

43.9

-6.7

-86.9

Other revenue

4 877

6 683

7 385

 

19.2

37.0

10.5

Sale of assets

 14

 501

1 162

 

-

-

-

Total revenue

99 704

119 201

127 835

 

25.5

19.6

7.2

 Treasury expenditure in January–March 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

9 320

11 337

12 371

 

21.6

9.1

of which: interest

2 524

3 506

3 520

 

38.9

0.4

Defence

 166

 158

 405

 

-4.8

156.3

Health

3 240

4 143

5 123

 

27.9

23.7

Social security and welfare

8 898

11 384

11 718

 

27.9

2.9

Economic affairs

 655

 860

 742

 

31.3

-13.7

Education

 107

 114

 130

 

6.5

14.0

Culture, sports and religion

19 319

21 666

23 475

 

12.1

8.3

Law enforcement, justice, security

3 714

4 378

4 853

 

17.9

10.8

Environmental protection

9 640

10 525

11 845

 

9.2

12.5

Housing, zoning and utilities

16 476

19 249

20 226

 

16.8

5.1

Irregular expenditure

1 493

1 814

2 688

 

21.5

48.2

Total expenditure

73 029

85 628

93 577

 

17.3

9.3



 

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.