Ministry of Finance
Agency overview
JurisdictionGovernment of Singapore
Headquarters100 High Street, #06-03 The Treasury, Singapore 179434
MottoGrowth with Opportunity for All
Employees3,858 (2018)[1]
Annual budgetIncrease S$1.02 billion (2019)[1]
Ministers responsible
Agency executives
  • Tan Ching Yee,
    Permanent Secretary
  • Lai Wei Lin,
    Second Permanent Secretary
  • Yee Ping Yi,
    Deputy Secretary (Planning)
  • Han Neng Hsiu,
    Deputy Secretary (Development)
Child agencies
WebsiteOfficial website
www.singaporebudget.gov.sg

The Ministry of Finance (MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.

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 (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.[2]

Statutory Boards

Ministers

The Ministry is headed by the Minister for Finance, who is appointed as part of the Cabinet of Singapore. The incumbent minister is Deputy Prime Minister & MP for Marsiling–Yew Tee GRC Lawrence Wong from the People's Action Party.

Portrait Name
(Birth–Death)		 Took office Left office Party Cabinet
Goh Keng Swee
MP for Kreta Ayer
(1918–2010)		 5 June
1959		 8 August
1965		 PAP Lee K. I
Lee K. II
Lim Kim San
MP for Cairnhill
(1916–2006)		 9 August
1965		 16 August
1967		 PAP
Goh Keng Swee
MP for Kreta Ayer
(1918–2010)		 17 August
1967		 10 August
1970		 PAP
Lee K. III
Hon Sui Sen
MP for Havelock
(1916–1983)		 11 August
1970		 14 October
1983		 PAP
Lee K. IV
Lee K. V
Lee K. VI
Tony Tan
MP for Sembawang
(born 1940)		 24 October
1983		 1 January
1985		 PAP
Richard Hu
MP for Kreta Ayer SMC
(until 1996)
MP for Kreta Ayer–Tanglin GRC
(from 1997)
(1926–2023)		 2 January
1985		 9 November
2001		 PAP Lee K. VII
Lee K. VIII
Goh I
Goh II
Goh III
Lee Hsien Loong
MP for Ang Mo Kio GRC
(born 1952)		 10 November
2001		 30 November
2007		 PAP
Goh IV
Lee H. I
Lee H. II
Tharman Shanmugaratnam
MP for Jurong GRC
(born 1957)		 1 December
2007		 30 September
2015		 PAP
Lee H. III
Heng Swee Keat[3][4]
MP for Tampines GRC
(born 1961)		 1 October
2015		 14 May
2021		 PAP Lee H. IV
Lee H. V
Lawrence Wong[3][4]
MP for Marsiling–Yew Tee GRC
(born 1972)		 15 May
2021		 Incumbent PAP

References

  1. 1 2 "Singapore Budget" (PDF).
  2. ↑ "Ministry of Finance Singapore (MOF)". mof.gov.sg. Retrieved 26 July 2020.
  3. 1 2 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.
  4. 1 2 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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