Treasury

Treasury finances January-February 2007

4/12/2007

Cash Flow Statement, January – February

 

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

44 155

48 732

60 718

72 244

87 597

Expenditure

42 266

44 897

47 897

47 897

56 895

Current balance

1 889

3 836

12 821

22 277

30 702

Receipts from sale of fixed assets

- 425

-

-

-

-

Other cash payments / receipts

 659

- 121

1 117

1 084

- 570

Cash flows from operations

2 123

3 957

13 938

23 361

30 133

Financial transactions

 333

-1 335

4 011

-2 469

-31 733

Net financial balance

2 456

2 622

17 948

20 892

-1 601

Debt redemption

-4 851

-13 878

-11 215

-8 064

-20 583

   Domestic

-4 851

- 22

-2 216

-8 058

-20 583

   Foreign

-

-13 857

-9 000

- 6

-

Pension fund prepayments

-1 250

-1 250

- 500

- 660

- 660

Gross borrowing requirement

-3 645

-12 506

6 233

12 168

-22 844

New borrowing

 175

17 571

1 016

1 532

38 519

   Domestic

4 022

3 218

-3 931

1 532

38 519

   Foreign

-3 848

14 353

4 947

-

-

Overall cash balance

-3 471

5 064

7 249

13 700

15 676



 

Treasury revenue, January – February

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

57 404

68 547

82 517

 

25.6

19.4

20.4

Taxes on income and profit

22 788

33 228

39 781

 

27.9

45.8

19.7

Personal income tax

12 086

13 405

15 537

 

14.3

10.9

15.9

Corporate income tax

1 375

5 966

3 280

 

33.0

333.8

-45.0

Other taxes on income and profit

9 328

13 856

20 964

 

50.1

48.5

51.3

Taxes on property

2 380

2 016

1 703

 

50.7

-15.3

-15.5

Taxes on goods and services

26 638

26 973

33 511

 

22.7

1.3

24.2

Value added tax

18 659

18 133

24 718

 

23.3

-2.8

36.3

Excise tax on motor vehicles

1 339

1 618

1 063

 

88.9

20.9

-34.3

Excise tax on petrol

1 374

1 441

1 331

 

4.8

4.9

-7.7

Excise on oil

1 293

1 154

1 320

 

15.2

-10.8

14.4

Tobacco and liquor taxes

1 578

1 657

1 764

 

3.4

5.0

6.5

Other taxes on goods and services

2 394

2 971

3 316

 

25.8

24.1

11.6

Taxes on international trade and transactions

 425

 362

 779

 

7.0

-14.8

115.4

Other taxes

 103

 112

 170

 

.

8.9

52.0

Social security contributions

5 071

5 857

6 572

 

23.0

15.5

12.2

Grants

 120

 111

 95

 

81.0

-7.1

-14.7

Other revenue

3 123

3 571

4 671

 

5.2

14.3

30.8

Sale of assets

 70

 14

 314

 

-

-

-

Total revenue

60 718

72 244

87 597

 

24.6

19.0

21.3



 

Treasury expenditure, January – February

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

...

5 255

6 250

 

...

18.9

of which: interest

2 386

 591

 778

 

-75.2

31.6

Defence

...

 150

 99

 

...

-33.6

Health

...

3 484

2 508

 

...

-28.0

Social security and welfare

...

4 127

7 200

 

...

74.5

Economic affairs

...

 460

 549

 

...

19.4

Education

...

 72

 65

 

...

-9.9

Culture, sports and religion

...

13 812

14 720

 

...

6.6

Law enforcement, justice, security

...

2 619

3 100

 

...

18.3

Environmental protection

...

7 292

7 776

 

...

6.6

Housing, zoning and utilities

...

11 713

13 417

 

...

14.5

Irregular expenditure

...

 984

1 212

 

...

23.2

Total expenditure

47 897

49 967

56 895

 

4.3

13.9



 

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.