Headquarters The Treasury Number of employees 1,523 | Website www.mof.gov.sg Jurisdiction Government of Singapore | |
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Annual budget $683.69 million SGD (2010) Ministers responsible Heng Swee Keat, Minister
Lawrence Wong, Second Minister
Indranee Rajah, Senior Minister of State 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 Inland Revenue Authority of Singapore
Accounting and Corporate Regulatory Authority
Singapore Totalisator Board
Accountant-General's Department
Vital
Singapore Accountancy Commission Profiles | ||
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.
Contents
- Mission
- Vision
- Strategic Outcomes
- Singapore Budget
- Accounting and Corporate Regulatory Authority
- Minister for Finance
- References
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.
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.
Singapore Budget
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.
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. ACRA was created by Accounting and Corporate Regulatory Authority Act of 2004.
Minister for Finance
Heng Swee Keat is the current FInance Minister and is Singapore's eighth since Lim Kim San who served from 1965 to 1967.