Ministry of Finance (Singapore)

The Ministry of Finance (abbreviation: MOF; Chinese: 财政部; Kementerian Kewangan; நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for designing regulatory policies and maintaining international standards and best practices in areas such as company law, accounting standards and corporate governance principles, to establish Singapore as an international business and financial centre.Template:Citation needed It is headed by the Minister for Finance.

Responsibilities

Template:Unreferenced section 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 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.

Ministers

The Minister for Finance is an appointment in the Cabinet of Singapore and heads the MOF. The incumbent minister is Lawrence Wong.

Portrait	Name	Party	Took office	Left office	Tenure	Prime Minister	Ref.
	Goh Keng Swee	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew
	Lim Kim San	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew
	Goh Keng Swee	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew
File:Blank.JPG	Hon Sui Sen	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew
File:Tony Tan Keng Yam cropp.jpg	Tony Tan Keng Yam	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew
File:Blank.JPG	Richard Hu Tsu Tau	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Kuan Yew Goh Chok Tong
File:Lee Hsien-Loong - World Economic Forum Annual Meeting 2012 cropped.jpg	Lee Hsien Loong	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Goh Chok Tong Himself
File:Tharman Shanmugaratnam at the official opening of Yuan Ching Secondary School's new building, Singapore - 20100716 (cropped).jpg	Tharman Shanmugaratnam	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Hsien Loong
File:Heng Swee Keat.jpg	Heng Swee Keat	PAP	Template:Dd-mm-yyyy	Template:Dd-mm-yyyy	Template:Age in years and days	Lee Hsien Loong
File:Lawrence Wong at a Singapore International Energy Week conference - 20101102.jpg	Lawrence Wong	PAP	Template:Dd-mm-yyyy	Incumbent	Template:Age in years and days	Lee Hsien Loong

Interim ministers

Portrait	Minister	Start of Term	End of Term	Remarks
File:Tharman Shanmugaratnam at the official opening of Yuan Ching Secondary School's new building, Singapore - 20100716 (cropped).jpg	Tharman Shanmugaratnam (interim)	12 May 2016	22 August 2016	Stood in during Mr Heng's absence, as acting Finance Minister when the latter suffered a stroke.