Ministry of Finance (Singapore): Difference between revisions

Ministry of Finance
Agency overview
Jurisdiction	Government of Singapore
Headquarters	100 High Street, #06-03 The Treasury, Singapore 179434
Motto	Growth with Opportunity for All
Employees	3,858 (2018)
Annual budget	S$1.02 billion (2019)
Ministers responsible	Lawrence Wong, ; Minister; Indranee Rajah, ; Second Minister; Chee Hong Tat, ; Second Minister; Shawn Huang, ; Senior Parliamentary Secretary;
Agency executives	Tan Ching Yee, ; Permanent Secretary; Lai Wei Lin, ; Second Permanent Secretary; Yee Ping Yi, ; Deputy Secretary (Planning); Han Neng Hsiu, ; Deputy Secretary (Development);
Child agencies	Accounting and Corporate Regulatory Authority; Accountant-General's Department; Inland Revenue Authority of Singapore; Singapore Accountancy Commission; Singapore Customs; Tote Board; VITAL;
Website	Official website ; www.singaporebudget.gov.sg

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Revision as of 03:50, 16 May 2024

The Ministry of Finance (MOF; Template:Lang-ms; Chinese: 财政部; Template:Lang-ta) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.

Responsibilities

The authority's main regulatory statutes are Accountants Act, Accounting Standards Partnerships Act, Business Registration Act, Companies Act, Limited Partnerships Act and the Limited Liability Partnerships Act.

The MOF ensures that businesses in Singapore are compatible with international standards and practices, in areas such as company law, accounting standards and corporate governance principles.

Singapore Budget

Every year, the MOF prepares the Singapore Budget and the Minister for Finance presents the Budget to the Parliament before the new financial year begins. The Budget includes the revised Government revenue and expenditure projections for the current financial year as well as the planned government revenue and expenditures for the following financial year.

Following the delivery of the Budget Statement in Parliament, Members of Parliament will debate on the statement and the proposed Budget for the following financial year. After the debate, the Parliament passes the Supply Bill and the President's assent will then be sought to allow the Bill to come into effect. Once the President gives its assent to the Supply Bill, it is then enacted as law known as the Supply Act. The Supply Act controls the Government's spending in the following financial year.

Organisational structure

The MOF oversees 4 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS), Singapore Accountancy Commission (SAC) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), VITAL, and Singapore Customs.^[2]

Statutory Boards

Ministers

The Ministry is headed by the Minister for Finance, who is appointed as part of the Cabinet of Singapore. The incumbent minister is Deputy Prime Minister & MP for Marsiling–Yew Tee GRC Lawrence Wong from the People's Action Party.

Name (Birth–Death)	Took office	Left office		Cabinet
Goh Keng Swee MP for Kreta Ayer (1918–2010)	5 June 1959	8 August 1965	PAP	Lee K. I
Goh Keng Swee MP for Kreta Ayer (1918–2010)	5 June 1959	8 August 1965		Lee K. II
Lim Kim San MP for Cairnhill (1916–2006)	9 August 1965	16 August 1967
Goh Keng Swee MP for Kreta Ayer (1918–2010)	17 August 1967	10 August 1970
Goh Keng Swee MP for Kreta Ayer (1918–2010)	17 August 1967	10 August 1970		Lee K. III
Hon Sui Sen MP for Havelock (1916–1983)	11 August 1970	14 October 1983		Lee K. III
				Lee K. IV
				Lee K. V
				Lee K. VI
Tony Tan MP for Sembawang (born 1940)	24 October 1983	1 January 1985		Lee K. VI
Richard Hu MP for Kreta Ayer SMC (until 1996) MP for Kreta Ayer–Tanglin GRC (from 1997) (1926–2023)	2 January 1985	9 November 2001		Lee K. VII
				Lee K. VIII
				Goh I
				Goh II
				Goh III
Lee Hsien Loong MP for Ang Mo Kio GRC (born 1952)	10 November 2001	30 November 2007		Goh III
				Goh IV
				Lee H. I
				Lee H. II
Tharman Shanmugaratnam MP for Jurong GRC (born 1957)	1 December 2007	30 September 2015		Lee H. II
Tharman Shanmugaratnam MP for Jurong GRC (born 1957)	1 December 2007	30 September 2015		Lee H. III
Heng Swee Keat^[3]^[4] MP for Tampines GRC (born 1961)	1 October 2015	14 May 2021		Lee H. IV
Heng Swee Keat^[3]^[4] MP for Tampines GRC (born 1961)	1 October 2015	14 May 2021		Lee H. V
Lawrence Wong^[3]^[4] MP for Marsiling–Yew Tee GRC (born 1972)	15 May 2021	Incumbent
				Wong I

References

^ ^a ^b "Singapore Budget" (PDF).
^ "Ministry of Finance Singapore (MOF)". mof.gov.sg. Retrieved 26 July 2020.
^ ^a ^b Ong, Justin (28 September 2015). "Prime Minister Lee Hsien Loong announces Singapore's new Cabinet". Channel NewsAsia. Archived from the original on 21 June 2018. Retrieved 1 October 2015.
^ ^a ^b Mahmud, Aqil Haziq (25 July 2020). "PM Lee announces new Cabinet; 6 office holders promoted, 3 retirements". CNA. Archived from the original on 25 July 2020. Retrieved 25 July 2020.

External links

Media related to Ministry of Finance (Singapore) at Wikimedia Commons

[budget2019-1] "Singapore Budget" (PDF).

[2] "Ministry of Finance Singapore (MOF)". mof.gov.sg. Retrieved 26 July 2020.

[CNA_20150928-3] Ong, Justin (28 September 2015). "Prime Minister Lee Hsien Loong announces Singapore's new Cabinet". Channel NewsAsia. Archived from the original on 21 June 2018. Retrieved 1 October 2015.

[:0-4] Mahmud, Aqil Haziq (25 July 2020). "PM Lee announces new Cabinet; 6 office holders promoted, 3 retirements". CNA. Archived from the original on 25 July 2020. Retrieved 25 July 2020.

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