The disposable income from the operations of the Icelandic state was negative by ISK 36.5 billion (USD 303 million, EUR 237 million) during the first six months of this year. The Ministry of Finance published the state treasury’s settlement of accounts yesterday.
The Government Offices. Photo by Páll Stefánsson.
Revenue was ISK 27.7 billion (USD 230 million, EUR 180 million) higher than during the same period in 2009 and ISK 16.4 billion (USD 136 million, EUR 106 million) higher than anticipated in the state budget, visir.is reports.
This development can be explained by profits from the sale of the ambassadorial dwelling in London and an agreement on the arrangement of the assets of Avens B.V. in Luxembourg.
Tax revenue and social security tax amounted to ISK 195.8 billion (USD 1.6 billion, EUR 1.3 billion) in the first six months of this year, which is a 9.9 percent increase in par value from 2009.
However, the amount is 1.4 percent lower than expected as revenue from various taxes, such as alcohol and tobacco tariffs, was not as high as anticipated in the state budget.