Treasury

Treasury finances January-May 2009

7/2/2009

Cash Flow Statement in January–May 2005–2009

Millions of krónur

 

2005

2006

2007

2008

2009

Revenue

136 556

155 065

187 540

194 465

172 135

Expenditure

126 546

126 171

146 007

159 083

209 123

Current balance

10 009

28 894

41 533

35 382

-36 989

Receipts from sale of fixed assets

-

-

-

- 39

-

Other cash payments / receipts

1 557

- 613

-8 960

-5 455

-2 720

Cash flows from operations

11 566

28 281

32 573

29 889

-39 709

Financial transactions

6 537

-2 428

-71 958

-2 351

8 110

Net financial balance

18 102

25 853

-39 385

27 538

-31 599

Debt redemption

-29 994

-38 104

-31 917

-16 341

-1 345

   Domestic

-13 770

-15 231

-20 808

- 676

-1 345

   Foreign

-16 224

-22 873

-11 109

-15 665

-

Pension fund prepayments

-1 550

-1 650

-1 650

-1 650

-

Gross borrowing requirement

-13 442

-13 901

-72 952

9 547

-32 944

New borrowing

9 273

11 010

46 452

9 233

81 773

   Domestic

4 005

2 910

42 061

9 233

74 721

   Foreign

5 268

8 100

4 391

-

7 052

Overall cash balance

-4 168

-2 890

-26 500

18 780

48 829



 Treasury revenue in January–May 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2007

2008

2009

Total taxes and social security contributions

167 154

178 769

149 062

 

14.7

6.9

-16.6

Taxes on income and profit

66 795

74 396

71 312

 

19.6

11.4

-4.1

Personal income tax

36 716

38 520

36 215

 

15.8

4.9

-6.0

Corporate income tax

9 313

10 059

6 893

 

-8.8

8.0

-31.5

Capital income tax

20 766

25 816

28 203

 

49.2

24.3

9.2

Taxes on property

4 556

3 599

2 094

 

-3.9

-21.0

-41.8

Taxes on goods and services

76 808

79 804

57 290

 

12.1

3.9

-28.2

Value added tax

55 140

56 911

38 821

 

17.8

3.2

-31.8

Excise tax on motor vehicles

3 629

4 658

 449

 

-27.6

28.3

-90.4

Excise tax on petrol

3 665

3 547

3 906

 

5.6

-3.2

10.1

Excise on oil

2 814

2 971

2 632

 

13.1

5.6

-11.4

Tobacco and liquor taxes

4 525

4 581

4 966

 

6.7

1.2

8.4

Other taxes on goods and services

7 034

7 136

6 516

 

8.1

1.5

-8.7

Taxes on international trade and transactions

2 210

2 852

1 938

 

41.0

29.0

-32.0

Other taxes

 424

 951

1 042

 

34.8

124.4

9.5

Social security contributions

16 362

17 168

15 386

 

10.7

4.9

-10.4

Grants

 450

 207

 239

 

68.0

-54.0

15.7

Other revenue

12 730

13 304

22 493

 

45.6

4.5

69.1

Sale of assets

6 782

2 185

 340

 

-

-

-

Total revenue

187 116

194 465

172 135

 

20.7

3.9

-11.5

 Treasury expenditure in January–May 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2008

2009

General public services

20 688

23 147

41 639

 

11.9

79.9

of which: interest

7 124

7 630

23 550

 

7.1

208.6

Defence

 265

 620

 601

 

134.1

-3.2

Law enforcement, justice, security

6 738

7 898

7 838

 

17.2

-0.8

Economic affairs

18 833

20 106

24 687

 

6.8

22.8

Environmental protection

1 445

1 359

1 700

 

-6.0

25.1

Housing, zoning and utilities

 183

 222

 263

 

20.9

18.5

Health

37 675

40 865

48 298

 

8.5

18.2

Culture, sports and religion

6 932

7 454

8 165

 

7.5

9.5

Education

16 393

17 983

19 832

 

9.7

10.3

Social security and welfare

32 985

36 040

51 413

 

9.3

42.7

Irregular expenditure

3 870

3 389

4 690

 

-12.4

38.4

Total expenditure

146 007

159 083

209 123

 

9.0

31.5



 

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.