Treasury

Treasury finances January-May 2007

7/3/2007

Cash Flow Statement, January – May

Millions of krónur

2003

2004

2005

2006

2007

Revenue

108 695

109 190

136 556

155 065

187 116

Expenditure

106 315

113 248

126 546

126 171

145 154

Current balance

2 380

-4 057

10 009

28 894

41 961

Receipts from sale of fixed assets

-12 059

-

-

-

-

Other cash payments / receipts

 173

1 110

1 557

- 613

-7 818

Cash flows from operations

-9 506

-2 947

11 566

28 281

34 143

Financial transactions

16 858

3 428

6 537

-2 428

-74 502

Net financial balance

7 352

 481

18 102

25 853

-40 359

Debt redemption

-17 929

-28 389

-29 994

-38 104

-32 143

   Domestic

-5 521

-3 389

-13 770

-15 231

-21 034

   Foreign

-12 408

-25 000

-16 224

-22 873

-11 109

Pension fund prepayments

-3 125

-3 125

-1 550

-1 650

-1 650

Gross borrowing requirement

-13 702

-31 033

-13 442

-13 901

-74 152

New borrowing

16 540

40 861

9 273

11 010

46 452

   Domestic

15 160

17 318

4 005

2 910

42 061

   Foreign

1 380

23 544

5 268

8 100

4 391

Overall cash balance

2 838

9 828

-4 168

-2 890

-27 700



 

Treasury revenue, January – May

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

121 223

145 768

167 154

 

19.5

20.2

14.7

Taxes on income and profit

42 189

55 847

66 795

 

17.5

32.4

19.6

Personal income tax

28 494

31 711

36 716

 

10.1

11.3

15.8

Corporate income tax

3 963

10 214

9 313

 

6.5

157.7

-8.8

Other taxes on income and profit

9 732

13 922

20 766

 

54.5

43.1

49.2

Taxes on property

6 276

4 740

4 556

 

59.2

-24.5

-3.9

Taxes on goods and services

58 435

68 517

76 808

 

18.3

17.3

12.1

Value added tax

39 683

46 799

55 140

 

19.9

17.9

17.8

Excise tax on motor vehicles

4 017

5 009

3 629

 

74.9

24.7

-27.6

Excise tax on petrol

3 514

3 471

3 665

 

5.4

-1.2

5.6

Excise on oil

2 535

2 489

2 814

 

16.0

-1.8

13.1

Tobacco and liquor taxes

4 106

4 242

4 525

 

6.9

3.3

6.7

Other taxes on goods and services

4 580

6 506

7 034

 

-1.3

42.1

8.1

Taxes on international trade and transactions

1 233

1 567

2 210

 

8.1

27.1

41.0

Other taxes

 273

 315

 424

 

.

15.0

34.8

Social security contributions

12 817

14 782

16 362

 

17.7

15.3

10.7

Grants

 209

 268

 450

 

26.0

28.3

68.0

Other revenue

15 053

8 742

12 730

 

99.6

-41.9

45.6

Sale of assets

 70

 287

6 782

 

-

-

-

Total revenue

136 555

155 065

187 116

 

25.1

13.6

20.7

 

Treasury expenditure, January – May

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

23 990

18 016

20 758

 

-24.9

15.2

of which: interest

14 066

6 393

7 124

 

-54.6

11.4

Defence

 126

 226

 259

 

78.8

14.7

Health

4 417

5 459

6 647

 

23.6

21.8

Social security and welfare

10 081

15 283

18 247

 

51.6

19.4

Economic affairs

 984

1 129

1 404

 

14.7

24.4

Education

 156

 173

 181

 

11.0

4.9

Culture, sports and religion

29 731

33 988

37 391

 

14.3

10.0

Law enforcement, justice, security

5 465

5 818

6 968

 

6.4

19.8

Environmental protection

12 581

14 288

16 125

 

13.6

12.9

Housing, zoning and utilities

25 263

28 483

33 918

 

12.7

19.1

Irregular expenditure

2 805

3 309

3 256

 

18.0

-1.6

Total expenditure

115 599

126 171

145 154

 

9.1

15.0



 

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.