Treasury

Treasury finances January-August 2008

10/2/2008

Cash Flow Statement in January–August 2004–2008

2004 2005 2006 2007 2008
Revenue
181 033
219 294
246 109
286 074
294 326
Expenditure
189 354
203 787
209 728
239 188
281 885
Current
balance
-8 322
15 507
36 381
46 886
12 441
Receipts from
sale of fixed assets.
-
-
-
1 505
-
Other cash
payments / receipts
1 560
791
- 823
-3 046
4 191
Cash flows
from operations
-6 761
16 298
35 558
45 346
16 633
Financial
transactions
7 829
11 260
-2 339
-67 758
8 538
Net financial
balance
1 068
27 558
33 219
-22 412
25 171
Debt re
demption
-29 593
-33 363
-32 592
-36 443
-38 129
Domestic
-4 576
-14 015
-9 719
-22 243
-22 662
Foreign
-25 017
-19 348
-22 873
-14 199
-15 467
Pension fund prepayments
-5 000
-2 600
-2 640
-2 640
-2 640
Gross borrow-
ing requirement
-33 525
-8 406
-2 013
-61 496
-15 598
New borrowing
40 177
15 832
25 247
57 515
147 531
Domestic
16 928
11 555
17 673
54 181
85 647
Foreign
23 249
4 277
7 574
3 334
61 884
Overall cash
balance
6 652
7 426
23 23
-3 981
131 933


 

Treasury revenue in January–August 2006–2008

Millions of krónur
Change from previous year (%)
2006
2007
2008
2006
2007
2008
Total taxes and social security contributions
230 505
258 929
267 640
14.9
12.3
3.4
Taxes on income and profit
78 979
93 551
102 909
29.7
18.5
10.0
Personal income tax
48 151
53 787
57 129
11.7
11.7
6.2
Corporate income tax
15 746
16 533
17 636
114.5
5.0
6.7
Other taxes on income and profit
15 082
23 231
28 144
44.6
54.0
21.1
Taxes on property
6 358
7 336
5 526
-33.3
15.4
-24.7
Taxes on goods and services
116 941
126 407
124 872
10.5
8.1
-1.2
Value added tax
80 676
88 509
87 108
11.2
9.7
-1.6
Excise tax on motor vehicles
7 590
6 986
6 352
7.6
-8.0
-9.1
Excise tax on petrol
5 968
6 103
5 921
1.6
2.3
-3.0
Excise on oil
4 339
4 826
4 929
15.5
11.2
2.1
Tobacco and liquor taxes
7 500
7 860
8 002
4.3
4.8
1.8
Other taxes on goods and services
10 869
12 123
12 558
15.1
11.5
3.6
Taxes on international trade and transactions
2 546
3 405
3 978
21.0
33.7
16.8
Other taxes
1 368
2 305
2 877
10.7
68.5
24.8
Social security contributions
24 311
25 924
27 479
15.5
6.6
6.0
Grants
736
702
207
172.7
-4.6
-70.5
Other revenue
14 350
19 570
24 196
-20.7
36.4
23.6
Sale of assets
518
6 873
2 283
-
-
-
 
246
286
294
Total revenue
109
074
326
12.2
16.2
2.9

 

Treasury expenditure in January–August 2006–2008

Millions of krónur
Change from previous year, %
2006
2007
2008
2007
2008
General public services 26 395 32 538 39 138 23.3 20.3
of which: interest 7 696 10 653 12 347 38.4 15.9
Defence 405 412 754 1.8 83.0
Law enforcement, justice, security 8 783 10 566 13 135 20.3 24.3
Economic affairs 27 853 30 640 40 074 10.0 30.8
Environmental protection 2 259 2 559 2 935 13.3 14.7
Housing, zoning and utilities 268 289 357 7.7 23.6
Health 55 170 61 123 68 188 10.8 11.6
Culture, sports and religion 9 185 10 550 11 381 14.9 7.9
Education 23 480 26 238 28 965 11.7 10.4
Social security and welfare 50 213 58 443 71 156 16.4 21.8
Irregular expenditure 5 716 5 829 5 801 2.0 -0.5
Total expenditure 209 728 239 188 281 885 14.0 17.9


 

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.