The Ministry of Finance (MOF; ms, Kementerian Kewangan; zh, 财政部; ta, நிதி அமைச்சு) is a

ministry Ministry may refer to: Government * Ministry (collective executive), the complete body of government ministers under the leadership of a prime minister * Ministry (government department), a department of a government Religion * Christian ...

of the

Government of Singapore The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercise ...

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, borde ...

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 The Inland Revenue Authority of Singapore (IRAS) is a statutory board under the Ministry of Finance of the Government of Singapore in charge of tax collection. History Early beginnings The Singapore Income Tax Department was created in 1947 t ...

(IRAS),

Singapore Accountancy Commission The Singapore Accountancy Commission (SAC) is a statutory body under the Ministry of Finance of the Government of Singapore.

(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 Stat ...

Statutory Boards

Singapore Accountancy Commission The Singapore Accountancy Commission (SAC) is a statutory body under the Ministry of Finance of the Government 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 Cabinet of Singapore forms the executive branch of the Government of Singapore together with the President. It is led by the Prime Minister who is the head of government. The prime minister is a Member of Parliament (MP) appointed by the ...

. The incumbent minister is

Lawrence Wong Lawrence Wong Shyun Tsai ( zh, c=黄循财, p=Huáng Xúncái; born 18 December 1972) is a Singaporean politician, economist and former civil servant who has been serving as Deputy Prime Minister of Singapore since 2022 alongside Heng Swee Keat ...

from the

People's Action Party The People's Action Party (abbreviation: PAP) is a major conservative centre-right political party in Singapore and is one of the three contemporary political parties represented in Parliament, alongside the opposition Workers' Party (WP) and ...

Interim ministers

References

External links

* {{authority control

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

1959 establishments in Singapore