Ministry of Finance (Singapore) explained

Agency Name:Ministry of Finance
Jurisdiction:Government of Singapore
Motto:Growth with Opportunity for All
Employees:3,858 (2018)[1]
Budget: S$1.02 billion (2019)
Headquarters:100 High Street, #06-03 The Treasury, Singapore 179434
Minister1 Name:Lawrence Wong
Minister1 Pfo:
Minister
Minister2 Name:Indranee Rajah
Minister2 Pfo:
Second Minister
Minister3 Name:Chee Hong Tat
Minister3 Pfo:
Second Minister
Minister4 Name:Shawn Huang
Minister4 Pfo:
Senior Parliamentary Secretary
Chief1 Name:Tan Ching Yee
Chief1 Position:
Permanent Secretary
Chief2 Name:Lai Wei Lin
Chief2 Position:
Second Permanent Secretary
Chief3 Name:Kevin Shum
Chief3 Position:
Deputy Secretary (Planning)
Chief4 Name:Adrian Chua
Chief4 Position:
Deputy Secretary (Development)
Child1 Agency:Accounting and Corporate Regulatory Authority
Child2 Agency:Inland Revenue Authority of Singapore
Child3 Agency:Tote Board
Child4 Agency:Accountant-General's Department
Child5 Agency:Singapore Customs
Child6 Agency:VITAL
Website:
Agency Id:T08GA0013E

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.

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

See 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

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

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 Prime Minister & MP for Marsiling–Yew Tee GRC Lawrence Wong from the People's Action Party.

PortraitName
Took officeLeft officePartyCabinet
Goh Keng Swee
MP for Kreta Ayer
(1918–2010)
5 June
1959
8 August
1965
PAPLee K. I
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
Lee K. III
Hon Sui Sen
MP for Havelock
(1916–1983)
11 August
1970
14 October
1983
Lee K. IV
Lee K. V
Lee K. VI
Tony Tan
MP for Sembawang
(born 1940)
24 October
1983
1 January
1985
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 IV
Lee H. I
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
Lee H. V
Lawrence Wong
MP for Marsiling–Yew Tee GRC
(born 1972)
15 May
2021
Incumbent
Wong I

References

  1. Web site: Singapore Budget.
  2. Web site: Ministry of Finance Singapore (MOF). 2020-07-26. mof.gov.sg. en.
  3. News: Ong . Justin . 28 September 2015 . Prime Minister Lee Hsien Loong announces Singapore's new Cabinet . Channel NewsAsia . dead . 1 October 2015 . https://web.archive.org/web/20180621143256/https://www.channelnewsasia.com/news/singapore/prime-minister-lee-hsien-loong-announces-singapore-s-new-cabinet-8239284 . 2018-06-21.
  4. Web site: Mahmud . Aqil Haziq . 2020-07-25 . PM Lee announces new Cabinet; 6 office holders promoted, 3 retirements . live . https://web.archive.org/web/20200725183434/https://www.channelnewsasia.com/news/singapore/pm-lee-singapore-new-cabinet-parliament-ge2020-12962844 . 2020-07-25 . 2020-07-25 . CNA . en.