Treasury

Treasury finances January-September 2007

11/1/2007

Cash Flow Statement, January – September

Millions of krónur

2003

2004

2005

2006

2007

Revenue

187 293

201 207

305 378

277 246

319 577

Expenditure

195 857

212 932

233 596

233 632

267 875

Current balance

-8 564

-11 725

71 782

43 614

51 702

Receipts from sale of fixed assets

-12 013

-

-56 755

-

-6 170

Other cash payments / receipts

- 735

1 320

- 446

258

-2 288

Cash flows from operations

-21 312

-10 405

14 581

43 872

43 245

Financial transactions

20 202

7 969

45 165

-2 245

-62 887

Net financial balance

-1 110

-2 436

59 746

41 627

-19 642

Debt redemption

-19 498

-30 843

-47 939

-38 071

-36 620

   Domestic

-7 048

-5 676

-14 056

-15 198

-22 255

   Foreign

-12 450

-25 166

-33 883

-22 873

-14 365

Pension fund prepayments

-5 625

-5 625

-2 950

-2 970

-2 970

Gross borrowing requirement

-26 233

-38 904

8 857

 586

-59 232

New borrowing

31 467

40 679

11 698

24 978

61 587

   Domestic

30 253

17 430

11 698

20 362

58 277

   Foreign

1 214

23 249

-

4 616

3 310

Overall cash balance

5 234

1 775

20 555

25 564

2 355



 


Treasury revenue, January – September

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

228 399

260 030

290 360

 

22.0

13.8

11.7

Taxes on income and profit

73 933

88 400

103 611

 

24.1

19.6

17.2

Personal income tax

48 895

54 830

60 298

 

10.2

12.1

10.0

Corporate income tax

8 179

17 117

18 681

 

9.4

109.3

9.1

Other taxes on income and profit

16 859

16 452

24 632

 

118.3

-2.4

49.7

Taxes on property

10 873

6 897

8 426

 

44.8

-36.6

22.2

Taxes on goods and services

116 093

132 458

142 483

 

20.5

14.1

7.6

Value added tax

78 353

91 137

99 878

 

22.3

16.3

9.6

Excise tax on motor vehicles

7 856

8 256

8 085

 

71.9

5.1

-2.1

Excise tax on petrol

6 826

6 904

7 076

 

5.3

1.1

2.5

Excise on oil

3 907

4 994

5 572

 

-12.6

27.8

11.6

Tobacco and liquor taxes

8 091

8 437

8 803

 

5.5

4.3

4.3

Other taxes on goods and services

11 060

12 730

13 069

 

21.5

15.1

2.7

Taxes on international trade and transactions

2 456

3 311

4 175

 

9.2

34.8

26.1

Other taxes

1 340

1 461

2 519

 

.

9.0

72.4

Social security contributions

23 704

27 504

29 146

 

16.4

16.0

6.0

Grants

 321

 885

 850

 

15.1

175.7

-3.9

Other revenue

19 512

15 783

21 437

 

43.4

-19.1

35.8

Sale of assets

57 145

 547

6 930

 

-

20.0

-

Total revenue

305 377

277 246

319 577

 

51.8

-9.2

15.3

 


Treasury expenditure, January – September

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

...

29 003

35 847

 

...

23.6

of which: interest

...

7 865

11 223

 

...

42.7

Defence

...

 450

 568

 

...

26.2

Health

...

10 045

11 607

 

...

15.6

Social security and welfare

...

31 959

36 025

 

...

12.7

Economic affairs

...

2 512

2 897

 

...

15.3

Education

...

 299

 322

 

...

7.6

Culture, sports and religion

...

62 484

68 906

 

...

10.3

Law enforcement, justice, security

...

10 194

11 634

 

...

14.1

Environmental protection

...

26 153

29 046

 

...

11.1

Housing, zoning and utilities

...

54 806

64 556

 

...

17.8

Irregular expenditure

...

5 727

6 466

 

...

12.9

Total expenditure

...

233 632

267 875

 

...

14.7

 

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.