Treasury

Treasury finances January-June 2007

8/9/2007

Cash Flow Statement, January – June

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

130 556

133 583

165 540

182 826

217 913

Expenditure

127 670

138 399

151 887

153 160

175 509

Current balance

2 886

-4 816

13 653

29 666

42 404

Receipts from sale of fixed assets

-12 059

-

-

-

-6 136

Other cash payments / receipts

 114

2 574

1 883

 40

-7 578

Cash flows from operations

-9 059

-2 243

15 536

29 706

28 690

Financial transactions

17 596

4 251

10 379

-2 208

-68 369

Net financial balance

8 424

- 858

25 915

27 498

-39 679

Debt redemption

-17 952

-28 604

-30 002

-38 873

-35 556

   Domestic

-5 545

-3 601

-13 775

-24 100

-21 357

   Foreign

-12 408

-25 004

-16 227

-14 773

-14 199

Pension fund prepayments

-3 750

-3 750

-1 900

-1 980

-1 980

Gross borrowing requirement

-13 279

-33 212

-5 988

-13 355

-77 215

New borrowing

14 038

34 780

9 579

16 246

49 745

   Domestic

12 661

11 228

5 305

8 146

46 411

   Foreign

1 377

23 552

4 274

8 100

3 334

Overall cash balance

 760

9 828

3 591

2 890

-27 470



 Treasury revenue, January – June

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

148 057

172 169

196 121

 

18.7

16.3

13.9

Taxes on income and profit

48 725

65 047

77 264

 

15.5

33.5

18.8

Personal income tax

34 156

38 315

44 126

 

10.3

12.2

15.2

Corporate income tax

4 820

12 787

12 383

 

-1.2

165.3

-3.2

Other taxes on income and profit

9 750

13 945

20 756

 

54.2

43.0

48.8

Taxes on property

7 497

5 449

5 494

 

56.8

-27.3

0.8

Taxes on goods and services

74 415

81 743

90 767

 

18.9

9.8

11.0

Value added tax

52 290

56 145

64 697

 

21.0

7.4

15.2

Excise tax on motor vehicles

5 120

5 879

4 736

 

76.3

14.8

-19.4

Excise tax on petrol

3 887

4 265

4 334

 

-1.2

9.7

1.6

Excise on oil

2 603

2 903

3 278

 

14.5

11.5

12.9

Tobacco and liquor taxes

5 129

5 338

5 615

 

6.3

4.1

5.2

Other taxes on goods and services

5 386

7 213

8 106

 

-1.5

33.9

12.4

Taxes on international trade and transactions

1 511

1 601

2 292

 

5.7

5.9

43.2

Other taxes

 337

 375

 513

 

.

11.1

37.0

Social security contributions

15 571

17 955

19 790

 

15.8

15.3

10.2

Grants

 234

 306

 470

 

37.7

30.9

53.6

Other revenue

17 010

10 065

14 536

 

95.7

-40.8

44.4

Sale of assets

 239

 287

6 787

 

-

-

-

Total revenue

165 539

182 826

217 913

 

23.9

10.4

19.2

 Treasury expenditure, January – June

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

26 349

20 689

25 102

 

-21.5

21.3

of which: interest

14 393

6 728

8 850

 

-53.3

31.5

Defence

 160

 266

 303

 

66.2

14.0

Health

5 347

6 979

7 833

 

30.5

12.2

Social security and welfare

12 176

19 038

23 921

 

56.4

25.6

Economic affairs

1 418

1 679

1 714

 

18.4

2.1

Education

 215

 204

 220

 

-5.1

8.1

Culture, sports and religion

38 357

41 176

45 156

 

7.3

9.7

Law enforcement, justice, security

6 406

6 855

8 095

 

7.0

18.1

Environmental protection

16 123

18 219

20 241

 

13.0

11.1

Housing, zoning and utilities

29 905

33 617

39 016

 

12.4

16.1

Irregular expenditure

3 433

4 440

3 909

 

29.3

-12.0

Total expenditure

139 890

153 160

175 509

 

9.5

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.