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BUDGET BUDGET OVERVIEW/DECE OVERVIEW/DECEMBER OVERVIEW/DECE MBER The most important revisions in the projections for 2000 and 2001 since August are illustrated in figure 5.2. and commented upon in box 5.1 below. Figure Figure 5.2. 5.2. Revisions, Revisions, 2000 2000 and and 2001 2001 Consumption Transfer payments Investments -0.3 -1.7 -0.9 Other expenditures -0.6 Corporate taxes -1.6 -1.1 -0.5 -0.6 Personal income taxes -0.6 VAT Other revenues 0.4 0.2 1.2 Net interest expenditures 1.0 1.4 1.0 1.2 0.7 Excise duties 0.0 Other taxes 1.2 -4 -3 -2 -1 0 1 2 3 4 5 6 7 DKK bn 2000 2001 DKK bn Note: Above the line positive figures imply a deterioration of the budget (expenditures). Below the line positive figures imply an improvement of the budget (revenues). 4.1 4.6 5.7 83
5. 5. ENGLISH ENGLISH SUMMARY SUMMARY Box Box 5.1. 5.1. Revised Revised estimates, estimates, 2000 2000 2000 and and 2001 2001 The most important changes since August are: • Public consumption expenditures have been revised downwards by app. DKK ½bn in 2000 due to lower expenditures on active labour market policies. The estimate of public consumption expenditures in 2001 has been revised upwards by app. DKK 4½bn partly due to higher expenditures contained in the agreements on the budget bill, among other things in the areas of education and research and development. Also the local government budgets reflect higher consumption expenditures in 2001 including primarily the public school area. Growth in real terms has been adjusted downwards by 0.3 percentage points in 2000 and upwards by 1.2 percentage points in 2001. • Transfer expenditures have been revised downwards by app. DKK ¾bn in 2000 and upwards by almost DKK 1¼bn in 2001. The downward adjustment in 2000 is mainly due to lower transfer expenditures on active labour market policies and on sick leaves. The upward revision in 2001 is due to the improvements of primarily social pensions and to some extent of other income transfers contained in the agreements on the budget bill. Furthermore, the number of persons receiving social pensions and social welfare benefits is expected to be higher than estimated in August. • Public investment expenditures have been revised upwards by almost DKK ½bn in 2000 and downwards by app. DKK ¼bn in 2001. Stronger activity in public construction investments than expected in August explains the upward revision of 2000, while in 2001 higher central government investments are more than offset by a lower budgeted level of local government investments than expected in August. • Revenues from personal income taxation etc. have been revised upwards by some DKK 1½bn in 2000 and app. DKK 5¾bn in 2001. Higher revenues from taxes on pension yields are the main reason for the adjustment of the 2000 estimate. In light of the recent favourable development in Danish stock prices revenues from taxes on stock yields are thus expected to be higher. In 2001 higher revenues are expected from taxes deducted at source. The upward adjustment is primarily a consequence of a budgeted increase in the local government tax rates and of income tax initiatives in the agreements on the budget bill, such as a freeze of the personal allowance and a lowering of the deductible fees for unemployment funds. • Corporate taxes have been revised downwards by app. DKK 1bn in 2000 on account of a revised estimate of corporate taxes in 1999 that are due for payment in 2000. Considerably higher revenues from corporate taxation are expected in 2001. The upward revision of DKK 4bn in 2001 is primarily based on higher than expected voluntarily payments in November 2000. Furthermore, higher revenues from corporate taxes are expected from companies engaged in North Sea oil and gas activities. • Revenues from value added taxation have been revised upwards by app. DKK 1bn in 2000 and 2001 respectively. In 2000 the VAT revenues are affected by an upward adjustment of growth in private investments, which more than offset the effect on the VAT revenue base of a minor downward adjustment of growth in private consumption. In 2001 an upward adjustment of inflation rates more than offset the effect on the VAT revenue base of downward adjustments of real growth rates in private investments and consumption. • The revenues from excise duties have been revised downwards by app. DKK ½bn in 2000 and upwards by almost DKK ¾bn in 2001. The downward revision in 2000 is due to lower revenues from energy taxes, whereas the upward revision in 2001 is due to the higher excise duties contained in the agreements on the budget bill. The substantial improvement of the general government budget balance from 1994 to 2001 reflects a considerable decrease in the expenditure 84 84
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Budgetoversigt Offentlige finanser
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Offentlige finanser 3: Budgetoversi
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INDLEDNING BUDGETOVERSIGT/DECEM BUD
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BUDGETOVERSIGT/DECEM BUDGETOVERSIGT
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➢ ➢ ➢ ➢ ➢ ➢ BUDGETOVERS
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3. STATENS FINANSER 3.1. 3.1. 3.1.
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3. STATENS FINANSER forhold til sel
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Page 68 and 69: Tabel Tabel Tabel 4.12. 4.12. Erhve
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