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) The Ministry of Finance, Singapore is headquartered at The Treasury on High Street, Singapore | |
| Agency overview | |
|---|---|
| Jurisdiction | Government of Singapore |
| Headquarters | The Treasury |
| Motto | Growth with Opportunity for All |
| Employees | 3,858 (2018)[1] |
| Annual budget |  1.02 billion (est) SGD (2019)[1] |
| Ministers responsible |
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| Agency executive |
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| Child agencies |
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| Website | Official website www |
The Ministry of Finance (Abbreviation: MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for designing regulatory policies and maintaining international standards and best practices in areas such as company law, accounting standards and corporate governance principles, to establish Singapore as an international business and financial centre. It is headed by the Minister for Finance.
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.[3]
Ministers
The Minister for Finance is an appointment in the Cabinet of Singapore and heads the MOF.[4] Tharman Shanmugaratnam, who was Second Minister for Finance, took over the ministership on 1 December 2007 when Prime Minister Lee Hsien Loong relinquished the Finance post. The current Finance Minister is Deputy Prime Minister of Singapore, Heng Swee Keat from the People's Action Party. The Second Minister for Finance, Lawrence Wong, was appointed on 22 August 2016 during a change to the Cabinet to help Heng Swee Keat with operational responsibilities at the ministry.
| Portrait | Name | Party | Took office | Left office | Tenure | Prime Minister | Ref. |
|---|---|---|---|---|---|---|---|
| Goh Keng Swee | PAP | 5 June 1959 | 8 August 1965 | 6 years, 64 days | Lee Kuan Yew | ||
| Lim Kim San | PAP | 9 August 1965 | 16 August 1967 | 2 years, 7 days | Lee Kuan Yew | ||
| Goh Keng Swee | PAP | 17 August 1967 | 10 August 1970 | 2 years, 358 days | Lee Kuan Yew | ||
 | Hon Sui Sen | PAP | 11 August 1970 | 14 October 1983 | 13 years, 64 days | Lee Kuan Yew | |
) | Tony Tan Kheng Yam | PAP | 24 October 1983 | 1 January 1985 | 1 year, 69 days | Lee Kuan Yew | |
| | Richard Hu Tsu Tau | PAP | 2 January 1985 | 9 November 2001 | 16 years, 311 days | Lee Kuan Yew Goh Chok Tong | |
) | Lee Hsien Loong | PAP | 10 November 2001 | 30 November 2007 | 6 years, 20 days | Goh Chok Tong Himself | |
.jpg')) | Tharman Shanmugaratnam | PAP | 1 December 2007 | 30 September 2015 | 7 years, 303 days | Lee Hsien Loong | |
) | Heng Swee Keat | PAP | 1 October 2015 | present | 5 years, 137 days | Lee Hsien Loong | [5][6] |
Interim ministers
| Minister | Start of Term | End of Term | Remarks |
|---|---|---|---|
| Tharman Shanmugaratnam (interim) | 12 May 2016 | 22 August 2016 | Stood in during Mr Heng's absence, as acting Finance Minister when the latter suffered a stroke. |
References
- ^ a b https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.pdf
- ^ "Cabinet reshuffle: Indranee Rajah made full minister, others promoted". Channel NewsAsia. Retrieved 7 May 2018.
- ^ "Ministry of Finance Singapore (MOF)". mof.gov.sg. Retrieved 26 July 2020.
- ^ Official Website
- ^ 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.
- ^ 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.