What is the Singapore Ministry of Finance? Singapore Ministry of Finance Review

Responsibilities

The agency's main regulatory statutes are the Accountants Act, the Accounting Standards Partnership Act, the Business Registration Act, the Companies Act, the Limited Partnership Act and the Limited Liability Partnership Act.

The Ministry of Finance ensures that businesses in Singapore comply with international standards and practices in areas such as company law, accounting standards and corporate governance principles.

Preparing the Singapore Budget - The Ministry of Finance prepares the Singapore Budget each year, and the Minister of Finance presents the Budget to Parliament before the start of the new financial year. The Budget includes a revised forecast of government revenue and expenditure for the current financial year, as well as a plan for government revenue and expenditure for the next financial year. After the Budget Statement is presented to Parliament, members of Parliament debate the Statement and the proposed budget for the next financial year. After the debate, Parliament passes the Budget Bill, which will then seek the President's assent to bring the Bill into effect. Once the President assents to the Budget Bill, it is enacted as a law, the Budget Act. The Budget Act controls government spending for the next financial year.

Organizational Structure

The Ministry of Finance oversees four statutory boards, namely the Accounting and Corporate Regulatory Authority, the Inland Revenue Authority of Singapore, the Singapore Accounting Committee and the Singapore Tote Board; it has three departments under it, namely the Accountant General's Department, the Singapore Customs Department, and the Vital Public Sector.

References

• 1. About the Ministry of Finance: Singapore Ministry of Finance