Treasury

Treasury finances January-December 2008

2/19/2009

Cash Flow Statement in January–December 2004–2008

  Millions of krónur
2005 2006 2007 2008 2009
Revenue 280 696 399 289 381 336 454 066 444 751
Expenditure 280 382 308 382 314 716 369 583 643 935
Current
balance
315 90 905 66 619 84 483 -199 184
Receipts from
sale of fixed assets.
- -57 605 - 384 -6 170 - 40
Other cash
payments / receipts
- 607 -1 286 - 516 -17 355 186 915
Cash flows
from opera-
tions
- 292 32 014 65 719 60 958 -12 310
Financial
transactions
22 700 49 874 -91 154 -63 102 -386 106
Net financial
balance
22 408 81 888 -25 435 -2 144 -398 416
Debt re-
demption
-32 477 -62 305 -46 097 -33 837 -120 625
Domestic -7 291 -14 596 -23 223 -22 505 -104 713
Foreign -25 186 -47 709 -22 873 -11 332 -15 912
Pension fund prepayments -7 500 -5 482 -4 000 -12 500 -4 000
Gross borrow-
ing requirement
-17 569 14 101 -75 531 -48 481 -523 041
New borrowing 25 867 10 234 115 713 58 939 601 955
Domestic 9 740 10 234 25 892 58 754 558 118
Foreign 16 127 - 89 821 185 43 837
Overall cash
balance
8 298 24 335 40 182 10 457 78 914


 Treasury revenue in January– December 2006–2008

Millions of krónur
Change from previous year (%)
2006
2007
2008
2006
2007
2008
Total taxes and social security contributions
354 209
395 384
391 027
12.5
11.6
-1.1
Taxes on income and profit
126 192
143 937
152 935
24.5
14.1
6.3
Personal income tax
78 228
83 933
88 040
13.3
7.3
4.9
Corporate income tax
31 369
34 790
29 539
103.9
10.9
-15.1
Other taxes on income and profit
16 595
25 214
35 355
-1.8
51.9
40.2
Taxes on property
9 172
11 834
7 936
-38.5
29.0
-32.9
Taxes on goods and services
175 692
192 086
179 444
9.0
9.3
-6.6
Value added tax
122 400
135 388
127 387
10.1
10.6
-5.9
Excise tax
on motor vehicles
10 230
11 005
7 345
-0.2
7.6
-33.3
Excise tax
on petrol
8 995
9 168
8 738
2.4
1.9
-4.7
Excise on oil
6 553
7 292
7 280
63.2
11.3
-0.2
Tobacco and liquor taxes
11 371
11 949
11 958
7.7
5.1
0.1
Other taxes on goods and services
16 142
17 284
16 737
-1.6
7.1
-3.2
Taxes on international trade and transactions
4 170
5 297
5 693
20.0
27.0
7.5
Other taxes
1 758
3 081
3 946
7.2
75.3
28.1
Social security contributions
37 226
39 150
41 072
15.4
5.2
4.9
Grants
1 668
927
1 026
119.6
-44.4
10.7
Other revenue
24 506
37 354
49 783
-2.7
52.4
33.3
Sale of assets
953
20 401
2 915
-
-
-
Total revenue
381 336
454 066
444 751
-4.5
19.1
-2.1

 Treasury expenditure in January– December 2006–2008

Millions of krónur
Change from previous year, %
2006
2007
2008
2007
2008
General public services
44 249
52 259
68 097
18.1
30.3
of which: interest
14 908
17 090
27 463
14.6
60.7
Defence
746
977
1 616
30.9
65.5
Law enforcement, justice, security
13 561
15 802
19 325
16.5
22.3
Economic affairs
43 622
52 759
67 685
20.9
28.3
Environmental protection
3 509
4 040
4 656
15.1
15.2
Housing, zoning and utilities
488
544
744
11.4
36.9
Health
85 959
93 314
109 240
8.6
17.1
Culture, sports and religion
14 627
15 906
17 423
8.7
9.5
Education
33 789
37 837
43 192
12.0
14.2
Social security and welfare
73 486
86 628
109 297
17.9
26.2
Irregular expenditure
23 277
9 518
202 660
-59.1
2,029.1
Total expenditure
337 311
369 583
643 935
9.6
74.2


 

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.