Treasury

Treasury finances January-May 2008

7/4/2008

Figures for Treasury finances in the first five months of 2008 are now available.

Cash Flow Statement in January–May 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

109 190

136 556

155 065

187 116

194 465

Expenditure

113 248

126 546

126 171

145 154

159 083

Current balance

-4 057

10 009

28 894

41 961

35 382

Receipts from sale of fixed assets

-

-

-

-

- 39

Other cash payments / receipts

1 110

1 557

- 613

-7 818

-5 455

Cash flows from operations

-2 947

11 566

28 281

34 143

29 889

Financial transactions

3 428

6 537

-2 428

-74 502

-2 351

Net financial balance

 481

18 102

25 853

-40 359

27 538

Debt redemption

-28 389

-29 994

-38 104

-32 143

-16 341

   Domestic

-3 389

-13 770

-15 231

-21 034

- 676

   Foreign

-25 000

-16 224

-22 873

-11 109

-15 665

Pension fund prepayments

-3 125

-1 550

-1 650

-1 650

-1 650

Gross borrowing requirement

-31 033

-13 442

-13 901

-74 152

9 547

New borrowing

40 861

9 273

11 010

46 452

9 233

   Domestic

17 318

4 005

2 910

42 061

9 233

   Foreign

23 544

5 268

8 100

4 391

-

Overall cash balance

9 828

-4 168

-2 890

-27 700

18 780



 


 

Treasury revenue in January–May 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

145 768

167 154

178 769

 

20.2

14.7

6.9

Taxes on income and profit

55 847

66 795

74 396

 

32.4

19.6

11.4

Personal income tax

31 711

36 716

38 520

 

11.3

15.8

4.9

Corporate income tax

10 214

9 313

10 059

 

157.7

-8.8

8.0

Other taxes on income and profit

13 922

20 766

25 816

 

43.1

49.2

24.3

Taxes on property

4 740

4 556

3 599

 

-24.5

-3.9

-21.0

Taxes on goods and services

68 517

76 808

79 804

 

17.3

12.1

3.9

Value added tax

46 799

55 140

56 911

 

17.9

17.8

3.2

Excise tax on motor vehicles

5 009

3 629

4 658

 

24.7

-27.6

28.3

Excise tax on petrol

3 471

3 665

3 547

 

-1.2

5.6

-3.2

Excise on oil

2 489

2 814

2 971

 

-1.8

13.1

5.6

Tobacco and liquor taxes

4 242

4 525

4 581

 

3.3

6.7

1.2

Other taxes on goods and services

6 506

7 034

7 136

 

42.1

8.1

1.5

Taxes on international trade and transactions

1 567

2 210

2 852

 

27.1

41.0

29.0

Other taxes

 315

 424

 951

 

15.0

34.8

124.4

Social security contributions

14 782

16 362

17 168

 

15.3

10.7

4.9

Grants

 268

 450

 207

 

28.3

68.0

-54.0

Other revenue

8 742

12 730

13 304

 

-41.9

45.6

4.5

Sale of assets

 287

6 782

2 185

 

-

-

-

Total revenue

155065

187116

194465

 

13.6

20.7

3.9

 


 

Treasury expenditure in January–May 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

18 016

20 693

23 147

 

14.8

11.9

of which: interest

6 393

7 263

7 630

 

13.6

5.1

Defence

226

265

620

 

17.3

133.9

Law enforcement, justice, security

5 459

6 738

7 898

 

23.4

17.2

Economic affairs

15 283

18 833

20 106

 

23.2

6.7

Environmental protection

1 129

1 445

1 359

 

27.9

-5.9

Housing, zoning and utilities

173

183

222

 

5.8

21.3

Health

33 988

37 675

40 865

 

10.8

8.4

Culture, sports and religion

5 818

6 932

7 454

 

19.1

7.5

Education

14 288

16 393

17 983

 

14.7

9.7

Social security and welfare

28 483

32 985

36 040

 

15.8

9.3

Irregular expenditure

3 309

3 870

3 389

 

16.9

-12.4

Total expenditure

126 171

146 011

159 083

 

15.7

8.9



 

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.