Ministry of Finance (Singapore)
|Ministry of Finance|
Logo of the MOF
|Jurisdiction||Government of Singapore|
|Annual budget||$683.69 million SGD (2010)|
|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
Singapore Accountancy Commission
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.
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.
- "Head M: Ministry of Finance" (PDF). Budget 2010: Revenue and Expenditure Estimates. Ministry of Finance. 2010-02. Retrieved 2010-09-14.
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