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
MottoGrowth with Opportunity for All
Employees3,858 (2018)[1]
Annual budget 1.02 billion (est) SGD (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

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
Main article: Supply Act (Singapore)

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.

  People's Action Party

Portrait Name Party Took office Left office Tenure Prime Minister Ref.
Goh Keng Swee PAP5 June 19598 August 19656 years, 64 daysLee Kuan Yew
Lim Kim San PAP9 August 196516 August 19672 years, 7 daysLee Kuan Yew
Goh Keng Swee PAP17 August 196710 August 19702 years, 358 daysLee Kuan Yew
Hon Sui Sen PAP11 August 197014 October 198313 years, 64 daysLee Kuan Yew
Tony Tan Kheng Yam PAP24 October 19831 January 19851 year, 69 daysLee Kuan Yew
Richard Hu Tsu Tau PAP2 January 19859 November 200116 years, 311 daysLee Kuan Yew
Goh Chok Tong
Lee Hsien Loong PAP10 November 200130 November 20076 years, 20 daysGoh Chok Tong
Himself
Tharman Shanmugaratnam PAP1 December 200730 September 20157 years, 303 daysLee Hsien Loong
Heng Swee Keat PAP1 October 2015present5 years, 131 daysLee Hsien Loong [5][6]

Interim ministers
MinisterStart of TermEnd of TermRemarks
Tharman Shanmugaratnam (interim)12 May 201622 August 2016Stood in during Mr Heng's absence, as acting Finance Minister when the latter suffered a stroke.

References
  1. https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.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. Official Website
  5. 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.
  6. 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.
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