Treasury

Treasury finances January-August 2009

10/1/2009

Cash Flow Statement in January–August 2005–2009

Millions of krónur

 

2005

2006

2007

2008

2009

Revenue

219 294

246 109

286 074

294 326

276 404

Expenditure

203 787

209 728

239 188

281 885

346 684

Current balance

15 507

36 381

46 886

12 441

-70 280

Receipts from sale of fixed assets

-

-

1 505

-

-

Other cash payments / receipts

 791

- 823

-3 046

4 191

-8 420

Cash flows from operations

16 298

35 558

45 346

16 633

-78 700

Financial transactions

11 260

-2 339

-67 758

8 538

11 983

Net financial balance

27 558

33 219

-22 412

25 171

-66 717

Debt redemption

-33 363

-32 592

-36 443

-38 129

-72 740

   Domestic

-14 015

-9 719

-22 243

-22 662

-72 740

   Foreign

-19 348

-22 873

-14 199

-15 467

-

Pension fund prepayments

-2 600

-2 640

-2 640

-2 640

-

Gross borrowing requirement

-8 406

-2 013

-61 496

-15 598

-139 457

New borrowing

15 832

25 247

57 515

147 531

169 889

   Domestic

11 555

17 673

54 181

85 647

162 540

   Foreign

4 277

7 574

3 334

61 884

7 348

Overall cash balance

7 426

23 234

-3 981

131 933

30 432



 Treasury revenue in January–August 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2007

2008

2009

Total taxes and social security contributions

258 929

267 640

243 826

 

12.3

3.4

-8.9

Taxes on income and profit

93 551

102 909

101 884

 

18.5

10.0

-1.0

Personal income tax

53 787

57 129

53 307

 

11.7

6.2

-6.7

Corporate income tax

16 533

17 636

10 584

 

5.0

6.7

-40.0

Capital income tax

23 231

28 144

37 992

 

54.0

21.1

35.0

Taxes on property

7 336

5 526

3 147

 

15.4

-24.7

-43.0

Taxes on goods and services

126 407

124 872

106 240

 

8.1

-1.2

-14.9

Value added tax

88 509

87 108

72 579

 

9.7

-1.6

-16.7

Excise tax on motor vehicles

6 986

6 352

1 355

 

-8.0

-9.1

-78.7

Excise tax on petrol

6 103

5 921

6 943

 

2.3

-3.0

17.3

Excise on oil

4 826

4 929

4 560

 

11.2

2.1

-7.5

Tobacco and liquor taxes

7 860

8 002

9 133

 

4.8

1.8

14.1

Other taxes on goods and services

12 123

12 558

11 671

 

11.5

3.6

-7.1

Taxes on international trade and transactions

3 405

3 978

3 087

 

33.7

16.8

-22.4

Other taxes

2 305

2 877

3 977

 

68.5

24.8

38.2

Social security contributions

25 924

27 479

25 491

 

6.6

6.0

-7.2

Grants

 702

 207

 359

 

-4.6

-70.5

73.5

Other revenue

19 570

24 196

31 778

 

36.4

23.6

31.3

Sale of assets

6 873

2 283

 441

 

-

-

-

Total revenue

286 074

294 326

276 404

 

16.2

2.9

-6.1

Treasury expenditure in January–August 2007–2009

 

Millions of krónur

 

Change from previous year in per cent

 

2007

2008

2009

 

2008

2009

General public services

32 538

39 138

65 040

 

20.3

66.2

of which: interest

10 653

12 318

34 495

 

15.6

180.0

Defence

 412

 754

1 071

 

83.0

42.0

Law enforcement, justice, security

10 566

13 135

15 128

 

24.3

15.2

Economic affairs

30 640

40 074

42 735

 

30.8

6.6

Environmental protection

2 559

2 935

2 860

 

14.7

-2.6

Housing, zoning and utilities

 289

 357

 422

 

23.5

18.2

Health

61 123

68 188

75 711

 

11.6

11.0

Culture, sports and religion

10 550

11 381

12 628

 

7.9

11.0

Education

26 238

28 965

31 892

 

10.4

10.1

Social security and welfare

58 443

71 156

91 188

 

21.8

28.2

Irregular expenditure

5 829

5 801

8 009

 

-0.5

38.1

Total expenditure

239 188

281 885

346 684

 

17.9

23.0



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.