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Ministry of Finance (Singapore)
Ministry of the Government of Singapore From Wikipedia, the free encyclopedia
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The Ministry of Finance (MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.
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Responsibilities
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The authority's main regulatory framework includes the Accountants Act, Accounting Standards Act, Business Registration Act, Companies Act, Limited Partnerships Act and Limited Liability Partnerships Act. These laws set out the rules for accounting, business registration and company governance. The Ministry of Finance also works to ensure that Singapore's business laws and standards follow international best practices in company law, accounting and corporate governance.
Singapore Budget
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.
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Organisational structure
The MOF oversees 3 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), Singapore Customs[2] and VITAL.
Statutory Boards
Ministers
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The Ministry of Law is led by the Minister for Finance, a position appointed within the Cabinet of Singapore. It replaced the former role of Financial Secretary of Singapore. The ministry was created after the 1959 general election during Lee Kuan Yew's First Cabinet, with Goh Keng Swee serving as its inaugural minister. Since its formation, all individuals who have held the position of Minister for Finance have been members of the People's Action Party (PAP). Two prime ministers have also concurrently held the finance ministry: Lee Hsien Loong (2004 to 2007) and Lawrence Wong (2024 to present).
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References
External links
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