Treasury

Treasury finances January-June 2009

8/13/2009

Cash Flow Statement in January–June 2005–2009

Millions of krónur

 

2005

2006

2007

2008

2009

Revenue

165 540

182 826

218 083

225 573

204 794

Expenditure

151 887

153 160

175 411

197 714

258 552

Current balance

13 653

29 666

42 672

27 859

-53 758

Receipts from sale of fixed assets

-

-

-

-

-

Other cash payments / receipts

1 883

 40

-11 057

 222

7 301

Cash flows from operations

15 536

29 706

31 615

28 081

-46 457

Financial transactions

10 379

-2 208

-71 961

-1 486

1 209

Net financial balance

25 915

27 498

-40 346

26 595

-45 248

Debt redemption

-30 002

-38 873

-32 201

-31 415

-72 060

   Domestic

-13 775

-24 100

-21 357

-15 854

-72 060

   Foreign

-16 227

-14 773

-10 844

-15 561

-

Pension fund prepayments

-1 900

-1 980

-1 980

-1 980

-

Gross borrowing requirement

-5 988

-13 355

-74 527

-6 800

-117 308

New borrowing

9 579

16 246

46 612

62 319

123 934

   Domestic

5 305

8 146

43 278

62 319

116 585

   Foreign

4 274

8 100

3 334

-

7 349

Overall cash balance

3 591

2 890

-27 915

55 519

6 626



 Treasury revenue in January–June 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2007

2008

2009

Total taxes and social security contributions

196 121

206 246

178 022

 

13.9

5.2

-13.7

Taxes on income and profit

77 264

84 719

79 637

 

18.8

9.6

-6.0

Personal income tax

44 126

46 259

43 524

 

15.2

4.8

-5.9

Corporate income tax

12 383

12 611

7 981

 

-3.2

1.8

-36.7

Capital income tax

20 756

25 849

28 132

 

48.8

24.5

8.8

Taxes on property

5 494

4 232

2 529

 

0.8

-23.0

-40.2

Taxes on goods and services

90 767

92 541

73 809

 

11.0

2.0

-20.2

Value added tax

64 697

65 566

51 248

 

15.2

1.3

-21.8

Excise tax on motor vehicles

4 736

5 424

 893

 

-19.4

14.5

-83.5

Excise tax on petrol

4 334

4 281

4 715

 

1.6

-1.2

10.1

Excise on oil

3 278

3 471

3 095

 

12.9

5.9

-10.8

Tobacco and liquor taxes

5 615

5 668

6 277

 

5.2

0.9

10.7

Other taxes on goods and services

8 106

8 131

7 582

 

12.4

0.3

-6.7

Taxes on international trade and transactions

2 292

2 956

2 231

 

43.2

28.9

-24.5

Other taxes

 513

1 321

1 426

 

37.0

157.3

8.0

Social security contributions

19 790

20 477

18 390

 

10.2

3.5

-10.2

Grants

 470

 207

 340

 

53.6

-56.0

64.2

Other revenue

14 536

16 921

26 079

 

44.4

16.4

54.1

Sale of assets

6 787

2 200

 352

 

-

-

-

Total revenue

217 913

225 573

204 794

 

19.2

3.5

-9.2

 Treasury expenditure in January–June 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2008

2009

General public services

24 999

29 161

52 105

 

16.6

78.7

of which: interest

8 985

10 230

30 008

 

13.9

193.3

Defence

 309

 846

 791

 

173.5

-6.5

Law enforcement, justice, security

7 998

9 992

12 308

 

24.9

23.2

Economic affairs

22 326

27 268

30 379

 

22.1

11.4

Environmental protection

1 783

1 900

2 164

 

6.6

13.9

Housing, zoning and utilities

 221

 264

 314

 

19.5

18.8

Health

45 572

49 557

57 322

 

8.7

15.7

Culture, sports and religion

8 120

8 845

9 882

 

8.9

11.7

Education

20 563

22 420

25 903

 

9.0

15.5

Social security and welfare

38 996

43 270

61 120

 

11.0

41.3

Irregular expenditure

4 523

4 193

6 265

 

-7.3

49.4

Total expenditure

175 411

197 714

258 552

 

12.7

30.8



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.