Ministry of Finance (Singapore)

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Ministry of Finance

Agency overview
Jurisdiction	Government of Singapore
Headquarters	The Treasury
Motto	Growth with Opportunity for All
Employees	3,858 (2018)[1]
Annual budget	S$1.02 billion (2019)[1]
Ministers responsible	Lawrence Wong, Minister Indranee Rajah, Second Minister[2]
Agency executive	Tan Ching Yee, Permanent Secretary Yee Ping Yi, Deputy Secretary (Planning) Han Neng Hsiu, Deputy Secretary (Development)
Child agencies	Accounting and Corporate Regulatory Authority Accountant-General's Department Inland Revenue Authority of Singapore Singapore Accountancy Commission Singapore Customs Tote Board VITAL
Website	Official website www.singaporebudget.gov.sg

The Ministry of Finance (abbreviation: 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.

Responsibilities[]

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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.

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	125 days	Lee Hsien Loong	[4][5]

Interim ministers[]

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.

References[]

External links[]

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