Treasury

Treasury finances January-July 2007

8/30/2007

Cash Flow Statement, January – July

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

147 465

150 429

185 085

215 509

251 878

Expenditure

150 807

164 139

180 985

178 257

203 570

Current balance

-3 342

-15 428

4 100

37 252

48 308

Receipts from sale of fixed assets

-12 059

-

-

-

-6 136

Other cash payments / receipts

- 577

 577

 496

- 752

-1 782

Cash flows from operations

-15 978

-16 005

4 596

36 500

46 526

Financial transactions

17 783

1 840

11 206

-2 383

-68 846

Net financial balance

1 805

-14 165

15 802

34 116

-22 320

Debt redemption

-18 021

-29 142

-33 343

-35 088

-36 416

   Domestic

-5 612

-4 139

-14 000

-12 215

-22 217

   Foreign

-12 409

-25 004

-19 342

-22 873

-14 199

Pension fund prepayments

-4 375

-4 375

-2 250

-2 310

-2 310

Gross borrowing requirement

-20 591

-47 683

-19 790

-3 282

-61 047

New borrowing

24 245

39 386

13 305

19 735

53 245

   Domestic

22 868

16 127

8 956

12 262

49 911

   Foreign

1 377

23 259

4 349

7 473

3 334

Overall cash balance

3 654

-8 296

-6 486

16 453

-7 802



 

Treasury revenue, January – July

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

166 490

202 398

226 953

 

18.7

21.6

12.1

Taxes on income and profit

52 322

73 074

85 365

 

15.2

39.7

16.8

Personal income tax

37 096

44 648

49 887

 

11.4

20.4

11.7

Corporate income tax

5 459

14 426

14 604

 

-5.6

164.3

1.2

Other taxes on income and profit

9 768

14 001

20 874

 

54.1

43.3

49.1

Taxes on property

8 240

5 806

6 476

 

49.8

-29.5

11.5

Taxes on goods and services

85 557

99 534

108 189

 

19.4

16.3

8.7

Value added tax

58 491

68 842

76 738

 

22.5

17.7

11.5

Excise tax on motor vehicles

6 211

6 951

5 838

 

76.5

11.9

-16.0

Excise tax on petrol

4 985

5 151

5 318

 

5.1

3.3

3.2

Excise on oil

2 740

3 458

3 867

 

-15.5

26.2

11.8

Tobacco and liquor taxes

6 174

6 383

6 672

 

6.4

3.4

4.5

Other taxes on goods and services

6 956

8 750

9 756

 

5.5

25.8

11.5

Taxes on international trade and transactions

1 795

2 457

3 259

 

6.2

36.8

32.7

Other taxes

 396

 430

1 133

 

.

8.7

163.5

Social security contributions

18 179

21 097

22 531

 

16.2

16.0

6.8

Grants

 252

 173

 530

 

30.5

-31.5

207.2

Other revenue

18 103

12 652

17 547

 

81.8

-30.1

38.7

Sale of assets

 239

 287

6 848

 

-

20.0

-

Total revenue

185 084

215 509

251 878

 

23.0

16.4

16.9

 

Treasury expenditure, January – July

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

35 848

23 872

29 430

 

-33.4

23.3

of which: interest

15 478

7 326

10 106

 

-52.7

37.9

Defence

...

 290

 344

 

.

18.8

Health

5 199

7 727

9 103

 

48.6

17.8

Social security and welfare

23 262

23 469

27 379

 

0.9

16.7

Economic affairs

1 926

1 922

2 106

 

-0.2

9.6

Education

 266

 235

 258

 

-11.5

9.5

Culture, sports and religion

46 299

48 141

52 758

 

4.0

9.6

Law enforcement, justice, security

7 459

8 131

9 390

 

9.0

15.5

Environmental protection

18 516

20 879

22 867

 

12.8

9.5

Housing, zoning and utilities

42 211

38 670

45 385

 

-8.4

17.4

Irregular expenditure

...

4 920

4 551

 

.

-7.5

Total expenditure

180 985

178 257

203 570

 

-1.5

14.2



 

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.