Treasury

Treasury finances January-August 2007

10/4/2007

Cash Flow Statement, January – August

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

170 668

181 033

219 294

246 109

285 096

Expenditure

176 919

189 354

203 787

209 728

238 485

Current balance

-6 251

-8 322

15 507

36 381

46 610

Receipts from sale of fixed assets

-12 059

-

-

-

-6 170

Other cash payments / receipts

- 790

1 560

 791

- 823

-1 547

Cash flows from operations

-19 100

-6 761

16 298

35 558

38 893

Financial transactions

17 773

7 829

11 260

-2 339

-62 660

Net financial balance

-1 327

1 068

27 558

33 219

-23 767

Debt redemption

-18 437

-29 593

-33 363

-32 592

-36 443

   Domestic

-6 028

-4 576

-14 015

-9 719

-22 243

   Foreign

-12 409

-25 017

-19 348

-22 873

-14 199

Pension fund prepayments

-5 000

-5 000

-2 600

-2 640

-2 640

Gross borrowing requirement

-24 764

-33 525

-8 406

-2 013

-62 849

New borrowing

21 828

40 177

15 832

25 247

57 515

   Domestic

20 095

16 928

11 555

17 673

54 181

   Foreign

1 733

23 249

4 277

7 574

3 334

Overall cash balance

-2 936

6 652

7 426

23 234

-5 334



 Treasury revenue, January – August

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

200 652

230 505

258 415

 

18.5

14.9

12.1

Taxes on income and profit

60 880

78 979

92 881

 

15.7

29.7

17.6

Personal income tax

43 108

48 151

53 429

 

10.4

11.7

11.0

Corporate income tax

7 340

15 746

16 533

 

10.9

114.5

5.0

Other taxes on income and profit

10 432

15 082

22 919

 

49.4

44.6

52.0

Taxes on property

9 537

6 358

7 336

 

50.3

-33.3

15.4

Taxes on goods and services

105 844

116 941

126 571

 

18.6

10.5

8.2

Value added tax

72 534

80 676

88 825

 

21.1

11.2

10.1

Excise tax on motor vehicles

7 053

7 590

6 986

 

71.6

7.6

-8.0

Excise tax on petrol

5 872

5 968

6 103

 

3.4

1.6

2.3

Excise on oil

3 755

4 339

4 826

 

-12.0

15.5

11.2

Tobacco and liquor taxes

7 189

7 500

7 860

 

5.0

4.3

4.8

Other taxes on goods and services

9 441

10 869

11 971

 

11.9

15.1

10.1

Taxes on international trade and transactions

2 105

2 546

3 403

 

9.2

21.0

33.7

Other taxes

1 236

1 368

2 300

 

.

10.7

68.1

Social security contributions

21 050

24 311

25 924

 

16.6

15.5

6.6

Grants

 270

 736

 665

 

25.1

172.7

-9.6

Other revenue

18 094

14 350

19 143

 

57.9

-20.7

33.4

Sale of assets

 277

 518

6 873

 

-

20.0

-

Total revenue

219 293

246 109

285 096

 

21.1

12.2

15.8

 Treasury expenditure, January – August

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

39 170

26 395

32 657

 

-32.6

23.7

of which: interest

15 796

7 700

10 518

 

-51.3

36.6

Defence

 186

 405

 380

 

.

-6.1

Health

6 075

8 783

10 307

 

44.6

17.3

Social security and welfare

26 728

27 853

30 517

 

4.2

9.6

Economic affairs

2 274

2 259

2 480

 

-0.7

9.8

Education

 300

 268

 289

 

-10.5

7.7

Culture, sports and religion

52 245

55 170

60 772

 

5.6

10.2

Law enforcement, justice, security

8 379

9 185

10 554

 

9.6

14.9

Environmental protection

20 525

23 480

26 271

 

14.4

11.9

Housing, zoning and utilities

48 091

50 213

58 430

 

4.4

16.4

Irregular expenditure

...

5 716

5 829

 

.

2.0

Total expenditure

203 787

209 728

238 485

 

2.9

13.7



 

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.