Ministry of Finance (Singapore)

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Ministry of Finance
MOF logo.jpg
Logo of the MOF
Agency overview
Jurisdiction Government of Singapore
Headquarters The Treasury
Employees 1523[1]
Annual budget Increase$683.69 million SGD (2010)[1]
Ministers responsible Tharman Shanmugaratnam, Minister
Josephine Teo, Minister of State
Agency executives Peter Ong Boon Kwee, Permanent Secretary
Lim Soo Hoon, Permanent Secretary (Finance) (Performance)
Ng Wai Choong, 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
Website www.mof.gov.sg
The Ministry of Finance, Singapore is headquartered at The Treasury on High Street.

The Ministry of Finance (Abbreviation: MOF; Simplified Chinese: 新加坡财政部), 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.

Singapore Budget[edit]

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 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.

Accounting and Corporate Regulatory Authority[edit]

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.[2] ACRA was created by Accounting and Corporate Regulatory Authority Act of 2004.[3]

See also[edit]

References[edit]

  1. ^ a b "Head M: Ministry of Finance" (PDF). Budget 2010: Revenue and Expenditure Estimates. Ministry of Finance. February 2010. Retrieved 2010-09-14. 
  2. ^ See "About ACRA". Accounting and Corporate Regulatory Authority.  and "ACRA Annual Reports". Accounting and Corporate Regulatory Authority. 
  3. ^ Act 3 of 2004 (1 April 2004), now Chapter 2A of the complied statutes. "Accounting and Corporate Regulatory Authority Act". Singapore Government. 

External links[edit]