Ministry of Finance (Singapore)

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.

Ministry of Finance

The Ministry of Finance, Singapore is headquartered at The Treasury on High Street, Singapore
Agency overview
JurisdictionGovernment of Singapore
HeadquartersThe Treasury
Employees3,858 (2018) [1]
Annual budget 1.02 billion (est) SGD (2019) [2]
Ministers responsible
Agency executive
  • Tan Ching Yee, Permanent Secretary
  • Yee Ping Yi, Deputy Secretary (Planning)
  • Han Neng Hsiu, Deputy Secretary (Development)
Child agencies
Websitewww.mof.gov.sg www.singaporebudget.gov.sg

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
Main article: Supply Act (Singapore)

Every year, the Ministry of Finance 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.

Statutory boards/bodies and Departments under the Ministry of Finance

There are 4 statutory boards/bodies and 3 departments under the ministry. They are:

Statutory boards/bodies Departments
Accounting and Corporate Regulatory Authority (ACRA)Accountant-General’s Department (AGD)
Inland Revenue Authority of Singapore (IRAS)VITAL
Singapore Accountancy Commission (SAC)Singapore Customs
Tote Board (Tote Board)

References
  1. https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.pdf
  2. https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.pdf
  3. "Cabinet reshuffle: Indranee Rajah made full minister, others promoted". Channel NewsAsia. Retrieved 7 May 2018.
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