Ministry of Finance (Singapore)

Ministry of Finance

The Ministry of Finance, Singapore is headquartered at The Treasury on High Street, Singapore
Agency overview
Jurisdiction Government of Singapore
Headquarters The Treasury
Employees 1523[1]
Annual budget Increase$683.69 million SGD (2010)[1]
Ministers responsible
Agency executives
  • Peter Ong Boon Kwee, Permanent Secretary
  • Lim Soo Hoon, Permanent Secretary (Finance) (Performance)
  • Yee Ping Yi, Deputy Secretary (Policy)
  • Ngien Hoon Ping, Deputy Secretary (Performance)
Child agencies
Website www.mof.gov.sg

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 administering and regulating financial institutions and structures of the economy of Singapore. It is headed by the Minister for Finance.

The authority's main regulatory statutes are Accountants Act, Accounting Standards Partnerships Act, Business Registration Act, Companies Act and Limited Partnerships Act and the Limited Liability Partnerships Act. Guidelines and rules are constantly reviewed to ensure they remain relevant to the business and financial environment and are done in close consultation with industry experts and key stakeholders.

The MOF functions within the government to ensure that businesses operating within Singapore's jurisdiction are compatible with international standards and practices, in areas such as company law, accounting standards and corporate governance principles.

Mission

MOF's mission is to create a better Singapore through Finance.[2]

Vision

MOF's vision is a forward-looking ministry that advances leading ideas, drives synergies across the government and ensures fiscal prudence.

Strategic Outcomes

MOF's strategic outcomes are sound public finances, growth with opportunity for all and high-performance government.

History

Year Main Milestones[3]
1963 MOF restructured into: Treasury Division & Economic Development Division
1972 MOF restructured into: Budget Division, Development Division and Revenue Division
1979 Development Division of the MOF reconstituted as the Ministry of Trade and Industry
1983 MOF restructured into: Budget Division, Revenue Division and Public Service Divisions
1994 Transfer of Public Service Division from MOF to Prime Minister's Office
1998 Budget and Revenue Divisions merged as MOF

Singapore Budget

Main article: Supply Act

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 reflects the approved expenditure and the usage of government funds of the past 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. Upon approval, the Parliament will give its approval by passing the Supply Bill. 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.

The 2016 Budget announced by new Finance Minister Heng Swee Keat on March 24, 2016 expects a S$3.45 billion surplus due to an increase in net investment income and despite an almost S$5 billion increase in expenditure.[4]

Accounting and Corporate Regulatory Authority

Under the ministry is the Accounting and Corporate Regulatory Authority (ACRA), under an independent board of directors, which is charged with regulating the business entities and public accountants in Singapore. ACRA also acts to facilitate the development of business entities and the public accountancy profession, through educational opportunities, auditor oversight and public-access financial databases.[5] ACRA was created by Accounting and Corporate Regulatory Authority Act of 2004.[6]

Minister for Finance

Years in Office Minister
1965 - 1967 Lim Kim San
1967 – 1970 Goh Keng Swee
1970 – 1983 Hon Sui Sen
1983 – 1985 Tony Tan
1984 – 2001 Hu Tsu Tau Richard
2001 – 2007 Lee Hsien Loong
2007 - 2015 Tharman Shanmugaratnam
1 Oct 2015 – Heng Swee Keat[7][8]

Heng Swee Keat is the current FInance Minister and is Singapore's eighth since Lim Kim San who served from 1965 to 1967.[8]

See also

References

  1. 1 2 "Head M: Ministry of Finance" (PDF). Budget 2010: Revenue and Expenditure Estimates. Ministry of Finance. February 2010. Retrieved 2010-09-14.
  2. ↑ MOF's mission
  3. ↑ MOF's history
  4. ↑ "Balancing the Budget: Revenue & expenditure". The Straits Times. Retrieved 2016-04-05.
  5. ↑ See "About ACRA". Accounting and Corporate Regulatory Authority. and "ACRA Annual Reports". Accounting and Corporate Regulatory Authority.
  6. ↑ Act 3 of 2004 (1 April 2004), now Chapter 2A of the complied statutes. "Accounting and Corporate Regulatory Authority Act". Singapore Government.
  7. ↑ Singapore, CNA. "PM Lee and Singapore's new Cabinet sworn in". CNA.
  8. 1 2 "The Singapore Budget and Finance Ministers through the years". The Straits Times. Retrieved 2016-04-05.
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