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==Ministers==
The '''Minister for Finance''' is an appointment in the [[Cabinet of Singapore]] and heads the [[Ministry of Finance (Singapore)|Ministry of Finance]].<ref>[http://www.mof.gov.sg/ Official Website]</ref> [[Tharman Shanmugaratnam]], who was Second Minister for Finance, took over the ministership on 1 December 2007 when [[Prime Minister of Singapore|Prime Minister]] [[Lee Hsien Loong]] relinquished the Finance post.<ref name="TharmanFM">{{cite news | title=PM Lee to relinquish Finance Minister post, Tharman takes over | last = Popatlal | first = Asha | date = 2007-11-29 | accessdate = 2007-11-29 | url=http://www.channelnewsasia.com/stories/singaporelocalnews/view/314525/1/.html}}</ref>
The current Finance Minister is [[Deputy Prime Minister of Singapore]], [[Heng Swee Keat]]. The Second Minister for Finance, [[Lawrence Wong]], was appointed on 22 August 2016 during a change to the Cabinet to help Heng Swee Keat with operational responsibilities at the ministry.

{{legend2|#191970|[[People's Action Party]]|border=1px solid #AAAAAA}}<br>
{|class="wikitable plainrowheaders sortable"
! scope=col class=unsortable | Portrait
! scope=col | Name
! scope=col | Party
! scope=col | Took office
! scope=col | Left office
! scope=col | Tenure
! scope=col | Prime Minister
|-
| align=center |
! scope=row | [[Goh Keng Swee]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1959|6|5}} || {{dts|format=dmy|1965|8|8}} || {{age in years and days|1959|6|5|1965|8|8}} || [[Lee Kuan Yew]]
|-
| align=center |
! scope=row | [[Lim Kim San]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1965|8|9}} || {{dts|format=dmy|1967|8|16}} || {{age in years and days|1965|8|9|1967|8|16}}|| [[Lee Kuan Yew]]
|-
| align=center |
! scope=row | [[Goh Keng Swee]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1967|8|17}} || {{dts|format=dmy|1970|8|10}} || {{age in years and days|1967|8|17|1970|8|10}} || [[Lee Kuan Yew]]
|-
| align=center | [[File:Blank.JPG|100x100px]]
! scope=row | [[Hon Sui Sen]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1970|8|11}} || {{dts|format=dmy|1983|10|14}} || {{age in years and days|1970|8|11|1983|10|14}} || [[Lee Kuan Yew]]
|-
| align=center | [[File:Tony Tan Keng Yam cropp.jpg|100x100px]]
! scope=row | [[Tony Tan|Tony Tan Kheng Yam]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1983|10|24}} || {{dts|format=dmy|1985|1|1}} || {{age in years and days|1983|10|24|1985|1|1}} || [[Lee Kuan Yew]]
|-
| align=center | [[File:Blank.JPG|100x100px]]
! scope=row | [[Richard Hu|Richard Hu Tsu Tau]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|1985|1|2}} || {{dts|format=dmy|2001|11|9}} || {{age in years and days|1985|1|2|2001|11|9}} || [[Lee Kuan Yew]] <br> [[Goh Chok Tong]]
|-
| align=center | [[File:Lee Hsien-Loong - World Economic Forum Annual Meeting 2012 cropped.jpg|100x100px]]
! scope=row | [[Lee Hsien Loong]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|2001|11|10}} || {{dts|format=dmy|2007|11|30}} || {{age in years and days|2001|11|10|2007|11|30}} || [[Goh Chok Tong]] <br> Himself
|-
| align=center | [[File:Tharman Shanmugaratnam at the official opening of Yuan Ching Secondary School's new building, Singapore - 20100716 (cropped).jpg|100x100px]]
! scope=row | [[Tharman Shanmugaratnam]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|2007|12|1}} || {{dts|format=dmy|2015|9|30}} || {{age in years and days|2007|12|1|2015|9|30}} || [[Lee Hsien Loong]]
|-
| align=center | [[File:Heng Swee Keat.jpg|100x100px]]
! scope=row | [[Heng Swee Keat]]
| style="background:#191970" | [[People's Action Party|PAP]] || {{dts|format=dmy|2015|10|1}} || present || {{age in years and days|2015|10|1}} || [[Lee Hsien Loong]]
|-
|}

===Interim ministers===
{|class="wikitable"
|-
! Minister || Start of Term || End of Term || Remarks
|-
|[[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.
|}
|}


Revision as of 18:34, 26 July 2020

Ministry of Finance

The Ministry of Finance, Singapore is headquartered at The Treasury on High Street, Singapore
Agency overview
JurisdictionGovernment of Singapore
HeadquartersThe Treasury
Employees3,858 (2018) [1]
Annual budgetIncrease 1.02 billion (est) SGD (2019) [2]
Ministers responsible
Agency executive
  • Tan Ching Yee, Permanent Secretary
  • Yee Ping Yi, Deputy Secretary (Planning)
  • Han Neng Hsiu, Deputy Secretary (Development)
Child agencies
Websitewww.mof.gov.sg www.singaporebudget.gov.sg

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 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. 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, 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 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 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.

Statutory boards/bodies and Departments under the Ministry of Finance

There are 4 statutory boards/bodies and 3 departments under the ministry. They are:

Statutory boards/bodies Departments
Accounting and Corporate Regulatory Authority (ACRA) Accountant-General’s Department (AGD)
Inland Revenue Authority of Singapore (IRAS) VITAL
Singapore Accountancy Commission (SAC) Singapore Customs
Tote Board (Tote Board)

Ministers

The Minister for Finance is an appointment in the Cabinet of Singapore and heads the Ministry of Finance.[4] Tharman Shanmugaratnam, who was Second Minister for Finance, took over the ministership on 1 December 2007 when Prime Minister Lee Hsien Loong relinquished the Finance post.[5] The current Finance Minister is Deputy Prime Minister of Singapore, Heng Swee Keat. The Second Minister for Finance, Lawrence Wong, was appointed on 22 August 2016 during a change to the Cabinet to help Heng Swee Keat with operational responsibilities at the ministry.

  People's Action Party

Portrait Name Party Took office Left office Tenure Prime Minister
Goh Keng Swee PAP 5 June 1959 8 August 1965 6 years, 64 days Lee Kuan Yew
Lim Kim San PAP 9 August 1965 16 August 1967 2 years, 7 days Lee Kuan Yew
Goh Keng Swee PAP 17 August 1967 10 August 1970 2 years, 358 days Lee Kuan Yew
Hon Sui Sen PAP 11 August 1970 14 October 1983 13 years, 64 days Lee Kuan Yew
Tony Tan Kheng Yam PAP 24 October 1983 1 January 1985 1 year, 69 days Lee Kuan Yew
Richard Hu Tsu Tau PAP 2 January 1985 9 November 2001 16 years, 311 days Lee Kuan Yew
Goh Chok Tong
Lee Hsien Loong PAP 10 November 2001 30 November 2007 6 years, 20 days Goh Chok Tong
Himself
Tharman Shanmugaratnam PAP 1 December 2007 30 September 2015 7 years, 303 days Lee Hsien Loong
Heng Swee Keat PAP 1 October 2015 present 8 years, 262 days Lee Hsien Loong

Interim ministers

Minister Start of Term End of Term Remarks
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.

References

  1. ^ https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.pdf
  2. ^ https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/31-MOF-2019.pdf
  3. ^ "Cabinet reshuffle: Indranee Rajah made full minister, others promoted". Channel NewsAsia. Retrieved 7 May 2018.
  4. ^ Official Website
  5. ^ Popatlal, Asha (29 November 2007). "PM Lee to relinquish Finance Minister post, Tharman takes over". Retrieved 29 November 2007.

External links

Wikimedia Commons has media related to Ministry of Finance (Singapore).
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