Treasury

Treasury finances January-December 2006

2/1/2007

Cash Flow Statement, January–December

Millions of krónur

 

2002

2003

2004

2005

2006

Revenue

233 762

259 783

280 696

399 289

381 336

Expenditure

246 810

268 714

280 382

308 382

314 716

Current balance

-13 048

-8 931

 315

90 905

66 619

Receipts from sale of fixed assets

-3 252

-10 177

-

-57 605

- 384

Other cash payments / receipts

1 688

9 836

- 607

-1 286

- 516

Cash flows from operations

-14 612

-9 272

- 292

32 014

65 719

Financial transactions

10 478

21 115

22 700

49 874

-91 154

Net financial balance

-4 134

11 843

22 408

81 888

-25 435

Debt redemption

-32 298

-30 702

-32 477

-62 305

-46 097

   Domestic

-12 217

-18 252

-7 291

-14 596

-23 223

   Foreign

-20 081

-12 450

-25 186

-47 709

-22 873

Pension fund prepayments

-9 000

-7 500

-7 500

-5 482

-4 000

Gross borrowing requirement

-45 432

-26 359

-17 569

14 101

-75 531

New borrowing

42 914

24 749

25 867

10 234

115 713

   Domestic

12 361

28 334

9 740

10 234

25 892

   Foreign

30 553

-3 584

16 127

-

89 821

Overall cash balance

-2 518

-1 610

8 298

24 335

40 182

 

Treasury revenue, January– December

 

Millions of krónur

 

Change from previous year in per cent

 

2004

2005

2006

 

2004

2005

2006

Total taxes and social security contributions

260 736

314 820

354 209

 

13.0

20.7

12.5

Taxes on income and profit

82 518

101 341

126 192

 

10.5

22.8

24.5

Personal income tax

62 621

69 056

78 228

 

11.6

10.3

13.3

Corporate income tax

10 922

15 384

31 369

 

8.3

40.9

103.9

Other taxes on income and profit

8 975

16 901

16 595

 

5.5

88.3

-1.8

Taxes on property

12 046

14 906

9 172

 

37.4

23.7

-38.5

Taxes on goods and services

133 921

161 210

175 692

 

13.0

20.4

9.0

Value added tax

91 098

111 205

122 400

 

13.5

22.1

10.1

Excise tax on motor vehicles

6 074

10 250

10 230

 

37.4

68.8

-0.2

Excise tax on petrol

8 320

8 783

8 995

 

11.5

5.6

2.4

Excise on oil

5 825

4 015

6 553

 

17.5

-31.1

63.2

Tobacco and liquor taxes

10 217

10 560

11 371

 

3.3

3.4

7.7

Other taxes on goods and services

12 386

16 397

16 142

 

7.4

32.4

-1.6

Taxes on international trade and transactions

3 052

3 474

4 170

 

16.0

13.8

20.0

Other taxes

1 448

1 641

1 758

 

.

13.3

7.2

Social security contributions

27 751

32 249

37 226

 

10.2

16.2

15.4

Grants

 700

 760

1 668

 

-50.2

8.6

119.6

Other revenue

18 804

25 189

24 506

 

16.7

34.0

-2.7

Sale of assets

 456

58 519

 953

 

-

-

-

Total revenue

280 696

399 288

381 336

 

8.1

42.2

-4.5

 

Treasury expenditure. January– December

 

Millions of krónur

 

Change from previous year in per cent

 

2004

2005

2006

 

2005

2006

General public services

45 933

59 009

49 295

 

28.5

-16.5

of which: interest

14 152

13 420

9 884

 

-5.2

-26.3

Health

74 261

79 362

86 109

 

6.9

8.5

Social security and welfare

67 359

69 697

74 127

 

3.5

6.4

Economic affairs

41 799

43 608

42 539

 

4.3

-2.5

Education

26 375

30 340

33 557

 

15.0

10.6

Culture. sports and religion

12 242

12 742

13 861

 

4.1

8.8

Law enforcement. justice. security

8 959

9 684

11 047

 

8.1

14.1

Environmental protection

3 194

3 494

3 755

 

9.4

7.5

Housing. zoning and utilities

 260

 446

 427

 

71.4

-4.3

Total expenditure

280 382

308 382

314 717

 

10.0

2.1

 

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.