Treasury

Treasury finances January-March 2007

5/3/2007

Cash Flow Statement, January – March

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

68 337

64 635

79 449

99 707

119 201

Expenditure

61 957

65 039

70 255

73 891

84 689

Current balance

6 380

-404

9 194

25 816

34 513

Receipts from sale of fixed assets

-10 720

-

-

-

-

Other cash payments / receipts

-3 595

-838

108

-2 730

-2 756

Cash flows from operations

-7 935

435

9 301

23 086

31 757

Financial transactions

14 340

3 177

6 210

-2 529

-31 709

Net financial balance

6 405

3 611

15 511

20 557

48

Debt redemption

-4 953

-13 950

-11 404

-9 096

-31 916

   Domestic

-4 913

-57

-2 220

-9 096

-20 807

   Foreign

-40

-13 893

-9 184

-

-11 109

Pension fund prepayments

-1 875

-1 875

-850

-990

-990

Gross borrowing requirement

-423

-12 214

3 257

10 471

-32 859

New borrowing

5.081

34.626

1.094

1.532

43.753

   Domestic

12 040

14 240

-3 831

1 532

39 362

   Foreign

-6 960

20 387

4 925

-

4 391

Overall cash balance

4 657

5 064

4 351

12 003

10 894

 

Treasury revenue, January – March

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

75 135

94 593

111 812

 

22.8

25.9

18.2

Taxes on income and profit

29 299

41 004

49 294

 

23.3

40.0

20.2

Personal income tax

17 572

19 592

22 968

 

13.3

11.5

17.2

Corporate income tax

2 142

7 475

5 369

 

6.0

249.0

-28.2

Other taxes on income and profit

9 585

13 937

20 957

 

53.5

45.4

50.4

Taxes on property

3 621

3 032

2 713

 

51.4

-16.3

-10.5

Taxes on goods and services

33 760

40 683

48 276

 

20.7

20.5

18.7

Value added tax

21 990

27 511

35 000

 

22.9

25.1

27.2

Excise tax on motor vehicles

2 027

2 677

1 809

 

77.7

32.1

-32.4

Excise tax on petrol

2 041

2 279

2 218

 

3.3

11.7

-2.7

Excise on oil

2 172

1 630

1 865

 

12. 6

-24.9

14.4

Tobacco and liquor taxes

2 368

2 491

2 592

 

8.2

5.2

4.1

Other taxes on goods and services

3 162

4 095

4 792

 

11.5

29.5

17.0

Taxes on international trade and transactions

 673

 854

1 387

 

6.2

26.9

62.4

Other taxes

 161

 174

 259

 

.

8,2

48,7

Social security contributions

7 621

8 845

9 884

 

20.5

16.1

11.7

Grants

 153

 220

 205

 

54.2

43.9

-6.7

Other revenue

4 092

4 877

6 683

 

22.5

19.2

37.0

Sale of assets

 70

 14

 501

 

-

-

-

Total revenue

79 449

99 704

119 201

 

22.9

25.5

19.6

 

Treasury expenditure, January – March

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

...

9 282

11 277

 

...

21.5

of which: interest

3 698

2 524

3 368

 

-31.8

33.5

Defence

...

 166

 133

 

...

-19.9

Health

...

3 223

3 707

 

...

15.0

Social security and welfare

...

8 667

10 885

 

...

25.6

Economic affairs

...

 655

 829

 

...

26.6

Education

...

 107

 112

 

...

4.7

Culture, sports and religion

...

19 626

21 603

 

...

10.1

Law enforcement, justice, security

...

3 714

4 329

 

...

16.6

Environmental protection

...

9 638

10 378

 

...

7.7

Housing, zoning and utilities

...

17 318

19 554

 

...

12.9

Irregular expenditure

...

1 493

1 882

 

...

26.1

Total expenditure

70 255

73 891

84 689

 

5.2

14.6

 

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.