Ministry of Finance (Singapore)

  (Redirected from Minister for Finance (Singapore))

The Ministry of Finance (MOF; Chinese: 财政部; Malay: Kementerian Kewangan; 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.[citation needed] It is headed by the Minister for Finance.

Ministry of Finance
MOF logo.jpg
Agency overview
JurisdictionGovernment of Singapore
HeadquartersThe Treasury
MottoGrowth with Opportunity for All
Employees3,858 (2018)[1]
Annual budgetIncrease S$1.02 billion (2019)[1]
Ministers responsible
Agency executive
  • Tan Ching Yee, Permanent Secretary
  • Yee Ping Yi, Deputy Secretary (Planning)
  • Han Neng Hsiu, Deputy Secretary (Development)
Child agencies
WebsiteOfficial website
www.singaporebudget.gov.sg

ResponsibilitiesEdit

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 BudgetEdit

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 structureEdit

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]

MinistersEdit

The Minister for Finance is an appointment in the Cabinet of Singapore and heads the MOF. The incumbent minister is Lawrence Wong.

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 Keng 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
  Tharman Shanmugaratnam PAP 1 December 2007 30 September 2015 7 years, 303 days Lee Hsien Loong
  Heng Swee Keat PAP 1 October 2015 14 May 2021 5 years, 225 days Lee Hsien Loong [4][5]
  Lawrence Wong PAP 15 May 2021 Incumbent 207 days Lee Hsien Loong [4][5]

Interim ministersEdit

Portrait 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.

ReferencesEdit

  1. ^ a b "Singapore Budget" (PDF).
  2. ^ "Cabinet reshuffle: Indranee Rajah made full minister, others promoted". Channel NewsAsia. Retrieved 7 May 2018.
  3. ^ "Ministry of Finance Singapore (MOF)". mof.gov.sg. Retrieved 26 July 2020.
  4. ^ 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.
  5. ^ 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 linksEdit