Treasury

Treasury finances January-June 2008

8/14/2008

Cash Flow Statement in January–June 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

133 583

165 540

182 826

217 913

225 573

Expenditure

138 399

151 887

153 160

175 509

198 325

Current balance

-4 816

13 653

29 666

42 404

27 248

Receipts from sale of fixed assets

-

-

-

-6 136

-

Other cash payments / receipts

2 574

1 883

 40

-7 578

 222

Cash flows from operations

-2 243

15 536

29 706

28 690

27 470

Financial transactions

4 251

10 379

-2 208

-68 369

-1 486

Net financial balance

- 858

25 915

27 498

-39 679

25 984

Debt redemption

-28 604

-30 002

-38 873

-35 556

-31 415

   Domestic

-3 601

-13 775

-24 100

-21 357

-15 854

   Foreign

-25 004

-16 227

-14 773

-14 199

-15 561

Pension fund prepayments

-3 750

-1 900

-1 980

-1 980

-1 980

Gross borrowing requirement

-33 212

-5 988

-13 355

-77 215

-7 411

New borrowing

34 780

9 579

16 246

49 745

62 319

   Domestic

11 228

5 305

8 146

46 411

62 319

   Foreign

23 552

4 274

8 100

3 334

-

Overall cash balance

9 828

3 591

2 890

-27 470

54 908



 

Treasury revenue in January–June 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

172 169

196 121

206 246

 

16.3

13.9

5.2

Taxes on income and profit

65 047

77 264

84 719

 

33.5

18.8

9.6

Personal income tax

38 315

44 126

46 259

 

12.2

15.2

4.8

Corporate income tax

12 787

12 383

12 611

 

165.3

-3.2

1.8

Other taxes on income and profit

13 945

20 756

25 849

 

43.0

48.8

24.5

Taxes on property

5 449

5 494

4 232

 

-27.3

0.8

-23.0

Taxes on goods and services

81 743

90 767

92 541

 

9.8

11.0

2.0

Value added tax

56 145

64 697

65 566

 

7.4

15.2

1.3

Excise tax on motor vehicles

5 879

4 736

5 424

 

14.8

-19.4

14.5

Excise tax on petrol

4 265

4 334

4 281

 

9.7

1.6

-1.2

Excise on oil

2 903

3 278

3 471

 

11.5

12.9

5.9

Tobacco and liquor taxes

5 338

5 615

5 668

 

4.1

5.2

0.9

Other taxes on goods and services

7 213

8 106

8 131

 

33.9

12.4

0.3

Taxes on international trade and transactions

1 601

2 292

2 956

 

5.9

43.2

28.9

Other taxes

 375

 513

1 321

 

11.1

37.0

157.3

Social security contributions

17 955

19 790

20 477

 

15.3

10.2

3.5

Grants

 306

 470

 207

 

30.9

53.6

-56.0

Other revenue

10 065

14 536

16 921

 

-40.8

44.4

16.4

Sale of assets

 287

6 787

2 200

 

-

-

-

Total revenue

182826

217913

225573

 

10.4

19.2

3.5

 

Treasury expenditure in January–June 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

20 689

24 999

29 772

 

20.8

19.1

of which: interest

6 728

8 850

9 620

 

31.5

8.7

Defence

 266

 309

 846

 

16.3

173.8

Law enforcement, justice, security

6 979

7 998

9 992

 

14.6

24.9

Economic affairs

19 038

22 326

27 268

 

17.3

22.1

Environmental protection

1 679

1 783

1 900

 

6.2

6.6

Housing, zoning and utilities

 204

 221

 264

 

8.5

19.4

Health

41 176

45 572

49 557

 

10.7

8.7

Culture, sports and religion

6 855

8 120

8 845

 

18.5

8.9

Education

18 219

20 563

22 420

 

12.9

9.0

Social security and welfare

33 617

38 996

43 270

 

16.0

11.0

Irregular expenditure

4 440

4 523

4 193

 

1.9

-7.3

Total expenditure

153 160

175 411

198 325

 

14.5

13.1



 

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.