Treasury

Treasury finances January-October 2007

11/29/2007

Cash Flow Statement, January – October

Millions of krónur

 

2003

2004

2005

2006

2007

Revenue

211 559

228 745

336 643

308 354

353 950

Expenditure

218 708

233 304

256 585

258 824

295 857

Current balance

-7 149

-4 558

80 058

49 531

58 093

Receipts from sale of fixed assets

-12 013

-

-58 033

- 384

-6 170

Other cash payments / receipts

 23

1 710

-1 731

- 356

- 695

Cash flows from operations

-19 139

-2 848

20 294

48 791

51 229

Financial transactions

20 614

9 273

48 377

-2 006

-63 097

Net financial balance

1 475

6 425

68 671

46 785

-11 868

Debt redemption

-30 654

-30 856

-61 557

-41 565

-33 503

   Domestic

-18 204

-5 678

-14 064

-18 692

-22 271

   Foreign

-12 450

-25 178

-47 493

-22 873

-11 232

Pension fund prepayments

-6 250

-6 250

-3 300

-3 300

-3 300

Gross borrowing requirement

-35 429

-30 681

3 814

1 921

-48 671

New borrowing

27 439

30 408

9 048

25 961

58 383

   Domestic

22 225

13 136

9 048

21 345

58 206

   Foreign

5 214

17 272

-

4 616

 177

Overall cash balance

-7 989

- 272

12 862

27 882

9 712



 

Treasury revenue, January – October

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2005

2006

2007

Total taxes and social security contributions

256 866

287 295

321 457

 

20.8

11.8

11.9

Taxes on income and profit

81 199

97 368

113 498

 

27.3

19.9

16.6

Personal income tax

55 020

62 249

67 304

 

10.0

13.1

8.1

Corporate income tax

8 437

17 129

19 480

 

61.0

103.0

13.7

Other taxes on income and profit

17 741

17 990

26 714

 

108.4

1.4

48.5

Taxes on property

12 114

7 627

9 527

 

7.2

-37.0

24.9

Taxes on goods and services

133 175

146 878

159 070

 

19.8

10.3

8.3

Value added tax

91 389

101 916

112 221

 

20.2

11.5

10.1

Excise tax on motor vehicles

8 605

8 883

8 873

 

68.9

3.2

-0.1

Excise tax on petrol

7 468

7 436

7 637

 

4.7

-0.4

2.7

Excise on oil

3 949

5 577

6 141

 

-15.3

41.2

10.1

Tobacco and liquor taxes

8 948

9 291

9 745

 

6.2

3.8

4.9

Other taxes on goods and services

12 815

13 776

14 452

 

29.9

7.5

4.9

Taxes on international trade and transactions

2 775

3 357

4 357

 

11.0

21.0

29.8

Other taxes

1 385

1 504

2 628

 

10.6

8.6

74.8

Social security contributions

26 219

30 560

32 377

 

15.7

16.6

5.9

Grants

 339

1 207

 930

 

16.2

255.8

-22.9

Other revenue

21 407

19 072

24 632

 

39.5

-10.9

29.2

Sale of assets

58 031

 781

6 931

 

-

-

-

Total revenue

336 642

308 354

353 950

 

47.2

-8.4

14.8

 

Treasury expenditure, January – October

 

Millions of krónur

 

Change from previous year in per cent

 

2005

2006

2007

 

2006

2007

General public services

37 902

31 847

38 204

 

-16.0

20.0

of which: interest

16 825

8 592

11 541

 

-48.9

34.3

Defence

 218

 487

 668

 

123.3

37.2

Health

9 513

11 262

12 995

 

18.4

15.4

Social security and welfare

20 877

35 695

41 125

 

71.0

15.2

Economic affairs

2 521

2 835

3 280

 

12.4

15.7

Education

 348

 333

 355

 

-4.1

6.7

Culture, sports and religion

68 822

69 424

76 850

 

0.9

10.7

Law enforcement, justice, security

10 162

11 422

13 095

 

12.4

14.6

Environmental protection

25 312

28 528

32 097

 

12.7

12.5

Housing, zoning and utilities

56 744

59 331

70 065

 

4.6

18.1

Irregular expenditure

11 135

7 660

7 124

 

-31.2

-7.0

Total expenditure

243 554

258 824

295 857

 

6.3

14.3



 

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.