Ministry of Finance (Singapore)
The Ministry of Finance (MOF) is a ministry of the Government of Singapore responsible for overseeing the national budget, taxation, financial and economic policies. It plays a central role in shaping Singapore's economic landscape and ensuring sustainable economic growth.
Responsibilities and Functions:
The MOF's core responsibilities include:
- Budgeting: Developing and managing the annual national budget, ensuring responsible and effective allocation of resources to various sectors.
- Taxation: Formulating and administering tax policies, including income tax, Goods and Services Tax (GST), and property tax, to generate revenue for the government.
- Economic Policy: Developing and implementing policies to promote economic growth, competitiveness, and innovation. This includes attracting foreign investment, supporting local businesses, and fostering a conducive business environment.
- Financial Regulation: Overseeing the regulation of the financial sector, including banks, insurance companies, and capital markets, to ensure financial stability and protect consumers.
- Government Procurement: Setting guidelines and policies for government procurement, ensuring transparency, efficiency, and value for money.
- Accountant-General's Department: Ensuring the proper accounting and financial reporting of government agencies.
- International Relations: Representing Singapore in international financial forums and negotiations.
Key Agencies Under MOF:
The Ministry of Finance oversees several statutory boards and agencies, including:
- Inland Revenue Authority of Singapore (IRAS)
- Accounting and Corporate Regulatory Authority (ACRA)
- Singapore Customs
- Singapore Accountancy Commission (SAC)
Ministerial Leadership:
The Minister for Finance is a key member of the Cabinet and plays a crucial role in shaping Singapore's economic future. The Minister is supported by Ministers of State and other senior officials within the ministry.
Historical Context:
The Ministry of Finance has evolved over time to meet the changing needs of Singapore's economy. It has played a vital role in Singapore's transformation from a developing nation to a global economic hub.