Treasury

Treasury finances January-September 2008

10/30/2008

Cash Flow Statement in January–September 2004–2008

2004 2005 2006 2007 2008
Revenue 201 207 305 378 277 246 320 820 332 406
Expenditure 212 932 233 596 233 632 268 624 318 569
Current
balance
-11 725 71 782 43 614 52 196 13 837
Receipts from
sale of fixed assets.
- -56 755 - - 33 - 39
Other cash
payments / receipts
1 320 - 446 258 -3 578 5 402
Cash flows
from operations
-10 405 14 581 43 872 48 584 19 200
Financial
transactions
7 969 45 165 -2 245 -66 480 8 540
Net financial
balance
-2 436 59 746 41 627 -17 896 27 740
Debt re
demption
-30 843 -47 939 -38 071 -33 483 -45 486
Domestic -5 676 -14 056 -15 198 -22 251 -30 019
Foreign -25 166 -33 883 -22 873 -11 232 -15 467
Pension fund prepayments -5 625 -2 950 -2 970 -2 970 -2 970
Gross borrow-
ing requirement
-38 904 8 857 586 -54 349 -20 716
New borrowing 40 679 11 698 24 978 58 453 208 397
Domestic 17 430 11 698 20 362 58 277 101 710
Foreign 23 249 - 4 616 176 106 687
Overall cash
balance
1 775 20 555 25 564 4 105 187 681


 Treasury revenue in January–September 2006–2008

Millions of krónur
Change from previous year (%)
2006
2007
2008
2006
2007
2008
Total taxes and social security contributions
260 030
291 147
301 522
13.8
12.0
3.6
Taxes on income and profit
88 400
104 282
115 250
19.6
18.0
10.5
Personal income tax
54 830
60 656
64 054
12.1
10.6
5.6
Corporate income tax
17 117
18 681
19 592
109.3
9.1
4.9
Other taxes on income and profit
16 452
24 945
31 604
-2.4
51.6
26.7
Taxes on property
6 897
8 426
6 143
-36.6
22.2
-27.1
Taxes on goods and services
132 458
142 590
141 250
14.1
7.6
-0.9
Value added tax
91 137
99 563
99 015
16.3
9.2
-0.6
Excise tax
on motor vehicles
8 256
8 085
6 711
5.1
-2.1
-17.0
Excise tax
on petrol
6 904
7 076
6 848
1.1
2.5
-3.2
Excise on oil
4 994
5 572
5 687
27.8
11.6
2.1
Tobacco and liquor taxes
8 437
8 803
8 940
4.3
4.3
1.6
Other taxes on goods and services
12 730
13 491
14 049
15.1
6.0
4.1
Taxes on international trade and transactions
3 311
4 178
4 802
34.8
26.2
14.9
Other taxes
1 461
2 525
3 187
9.0
72.8
26.2
Social security contributions
27 504
29 146
30 890
16.0
6.0
6.0
Grants
885
853
331
175.7
-3.6
-61.2
Other revenue
15 783
21 890
27 797
-19.1
38.7
27.0
Sale of assets
547
6 930
2 756
-
-
-
 
277
320
332
-
-
-
Total revenue
246
820
406
-9.2
15.7
3.6

 Treasury expenditure in January–September 2006–2008

Millions of krónur
Change from previous year, %
2006
2007
2008
2007
2008
General public services 29 003 35 667 43 939 23.0 23.2
of which: interest 7 865 11 218 13 713 42.0 22.2
Defence 450 593 810 31.7 36.6
Law enforcement, justice, security 10 045 11 834 14 681 17.8 24.1
Economic affairs 31 959 36 206 47 242 13.3 30.5
Environmental protection 2 512 2 947 3 242 17.3 10.0
Housing, zoning and utilities 299 320 401 6.8 25.5
Health 62 484 69 416 77 533 11.1 11.7
Culture, sports and religion 10 194 11 645 12 625 14.2 8.4
Education 26 153 28 947 32 596 10.7 12.6
Social security and welfare 54 806 64 584 78 848 17.8 22.1
Irregular expenditure 4 755 6 466 6 652 36.0 2.9
Total expenditure 232 660 268 624 318 569 15.5 18.6


 

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.