Ministry of Finance (Singapore)

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.

Ministry of Finance

Agency overview
Jurisdiction	Government of Singapore
Headquarters	100 High Street, #06-03 The Treasury, Singapore 179434
Motto	Growth with Opportunity for All
Employees	3,858 (2018)
Annual budget	S$1.02 billion (2019)
Ministers responsible	Lawrence Wong, Prime Minister and Minister Indranee Rajah, Second Minister Chee Hong Tat, Second Minister Shawn Huang, Senior Parliamentary Secretary
Agency executives	Tan Ching Yee, Permanent Secretary Lai Wei Lin, Second Permanent Secretary Kevin Shum, Deputy Secretary (Planning) Adrian Chua, Deputy Secretary (Development)
Child agencies	Accounting and Corporate Regulatory Authority Inland Revenue Authority of Singapore Tote Board Accountant-General's Department Singapore Customs VITAL
Website	Official website www.singaporebudget.gov.sg
Agency ID	T08GA0013E

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 3 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), Singapore Customs and VITAL.

Statutory Boards

• Accounting and Corporate Regulatory Authority
• 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 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
	Goh Keng Swee MP for Kreta Ayer (1918–2010)	17 August 1967	10 August 1970
						Lee K. III
	Hon Sui Sen MP for Havelock (1916–1983)	11 August 1970	14 October 1983
						Lee K. IV
						Lee K. V
						Lee K. VI
	Tony Tan MP for Sembawang (born 1940)	24 October 1983	1 January 1985
	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			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
						Goh IV
						Lee H. I
						Lee H. II
	Tharman Shanmugaratnam MP for Jurong GRC (born 1957)	1 December 2007	30 September 2015
						Lee H. III
	Heng Swee Keat MP for Tampines GRC (born 1961)	1 October 2015	14 May 2021			Lee H. IV
						Lee H. V
	Lawrence Wong MP for Marsiling–Yew Tee GRC (born 1972)	15 May 2021	Incumbent
						Wong I

External links

• Media related to Ministry of Finance (Singapore) at Wikimedia Commons