The Ministry of Finance (MOF; ms, Kementerian Kewangan; zh, 财政部; ta, நிதி அமைச்சு) is a
ministry of the
Government of Singapore responsible for managing the fiscal policies and the structure of the economy of
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
.
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
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate ser ...
(ACRA),
Inland Revenue Authority of Singapore (IRAS),
(SAC) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), VITAL, and
Singapore Customs
The Singapore Customs is a government agency under the Ministry of Finance of the Government of Singapore. Singapore Customs was reconstituted on 1 April 2003,
after the Customs and Excise Department and the Trade Facilitation Division and St ...
.
Statutory Boards
*
Accounting and Corporate Regulatory Authority
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate ser ...
*
Inland Revenue Authority of Singapore
*
* Tote Board
Ministers
The Ministry is headed by the Minister for Finance, who is appointed as part of the
Cabinet of Singapore. The incumbent minister is
Lawrence Wong from the
People's Action Party.
Interim ministers
References
External links
*
{{authority control
Finance
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
1959 establishments in Singapore
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...