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Ministry of Finance (Singapore)

The Ministry of Finance (MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.

Ministry of Finance
Agency overview
JurisdictionGovernment of Singapore
Headquarters100 High Street, #06-03 The Treasury, Singapore 179434
MottoGrowth with Opportunity for All
Employees3,858 (2018)[1]
Annual budget S$1.02 billion (2019)[1]
Ministers responsible
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
WebsiteOfficial website
www.singaporebudget.gov.sg

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 Lawrence Wong from the People's Action Party.

Portrait Minister Term start Term end Tenure Political party Ref.
Goh Keng Swee 5 June 1959 8 August 1965 6 years, 64 days   People's Action Party
Lim Kim San 9 August 1965 16 August 1967 2 years, 7 days
Goh Keng Swee 17 August 1967 10 August 1970 2 years, 358 days
Hon Sui Sen 11 August 1970 14 October 1983 13 years, 64 days
  Tony Tan 24 October 1983 1 January 1985 1 year, 69 days
Richard Hu Tsu Tau 2 January 1985 9 November 2001 16 years, 311 days
  Lee Hsien Loong 10 November 2001 30 November 2007 6 years, 20 days
  Tharman Shanmugaratnam 1 December 2007 30 September 2015 7 years, 303 days
  Heng Swee Keat 1 October 2015 14 May 2021 5 years, 225 days [3][4]
  Lawrence Wong 15 May 2021 Incumbent 1 year, 223 days [3][4]

Interim ministers

Portrait Minister Start of Term End of Term Remarks
  Tharman Shanmugaratnam 12 May 2016 22 August 2016 Stood in during Heng Swee Keat's absence, as Acting Minister for Finance, when Heng suffered a stroke.

References

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

External links

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

ministry, finance, singapore, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, ministry, finance, singapore, news, ne. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Ministry of Finance Singapore news newspapers books scholar JSTOR April 2020 Learn how and when to remove this template message The Ministry of Finance MOF Malay Kementerian Kewangan Chinese 财政部 Tamil ந த அம ச ச is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore Ministry of FinanceAgency overviewJurisdictionGovernment of SingaporeHeadquarters100 High Street 06 03 The Treasury Singapore 179434MottoGrowth with Opportunity for AllEmployees3 858 2018 1 Annual budgetS 1 02 billion 2019 1 Ministers responsibleLawrence Wong MinisterIndranee Rajah Second MinisterChee Hong Tat Senior Minister of StateAgency executivesTan Ching Yee Permanent SecretaryLai Wei Lin Second Permanent SecretaryYee Ping Yi Deputy Secretary Planning Han Neng Hsiu Deputy Secretary Development Child agenciesAccounting and Corporate Regulatory AuthorityAccountant General s DepartmentInland Revenue Authority of SingaporeSingapore Accountancy CommissionSingapore CustomsTote BoardVITALWebsiteOfficial website www wbr singaporebudget wbr gov wbr sg Contents 1 Responsibilities 1 1 Singapore Budget 2 Organisational structure 2 1 Statutory Boards 3 Ministers 3 1 Interim ministers 4 References 5 External linksResponsibilities EditThis section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed July 2020 Learn how and when to remove this template message 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 Edit Main article Supply Act Singapore 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 EditThe 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 Edit Accounting and Corporate Regulatory Authority Inland Revenue Authority of Singapore Singapore Accountancy Commission Tote BoardMinisters EditThe Ministry is headed by the Minister for Finance who is appointed as part of the Cabinet of Singapore The incumbent minister is Lawrence Wong from the People s Action Party Portrait Minister Term start Term end Tenure Political party Ref Goh Keng Swee 5 June 1959 8 August 1965 6 years 64 days People s Action PartyLim Kim San 9 August 1965 16 August 1967 2 years 7 daysGoh Keng Swee 17 August 1967 10 August 1970 2 years 358 daysHon Sui Sen 11 August 1970 14 October 1983 13 years 64 days Tony Tan 24 October 1983 1 January 1985 1 year 69 daysRichard Hu Tsu Tau 2 January 1985 9 November 2001 16 years 311 days Lee Hsien Loong 10 November 2001 30 November 2007 6 years 20 days Tharman Shanmugaratnam 1 December 2007 30 September 2015 7 years 303 days Heng Swee Keat 1 October 2015 14 May 2021 5 years 225 days 3 4 Lawrence Wong 15 May 2021 Incumbent 1 year 223 days 3 4 Interim ministers Edit Portrait Minister Start of Term End of Term Remarks Tharman Shanmugaratnam 12 May 2016 22 August 2016 Stood in during Heng Swee Keat s absence as Acting Minister for Finance when Heng suffered a stroke References Edit 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 Edit Media related to Ministry of Finance Singapore at Wikimedia Commons Retrieved from https en wikipedia org w index php title Ministry of Finance Singapore amp oldid 1129096355, wikipedia, wiki, book, books, library,

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