Ministry of Finance (Singapore)
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| 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)[1] |
| Annual budget |  S$1.02 billion (2019)[1] |
| Ministers responsible |
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| Agency executives |
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| Child agencies |
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| Website | Official website www |
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
[edit]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]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
[edit]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
[edit]Ministers
[edit]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.
| Portrait | Name (Birth–Death) |
Took office | Left office | Party | Cabinet | |
|---|---|---|---|---|---|---|
| Goh Keng Swee MP for Kreta Ayer (1918–2010) |
5 June 1959 |
8 August 1965 |
PAP | Lee 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 | ||||||
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|
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[3][4] MP for Marsiling–Yew Tee GRC (born 1972) |
15 May 2021 |
Incumbent | |||
| Wong I | ||||||
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
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