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On 1 September 1992, the Inland Revenue Authority of Singapore (IRAS) was established by legislation as a statutory board [3] under the Ministry of Finance. With this conversion, IRAS was incorporated by the Inland Revenue Authority of Singapore Act to take over the functions previously performed by the Inland Revenue Department.
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.
The Government and each of the fifth schedule entities manage a portfolio of reserves under their charge for the benefit of the Government. These entities are divided into two parts where Part 1 of the fifth schedule comprise Key Statutory Boards that were created from and managed according to a statute passed by Parliament such as the Housing and Development Board whereas Part 2 contains ...
[15] [16] Since then, the Government plans to increase the Assurance Package by $1.4 billion due to inflation, bringing the total to $8.040 billion. The GST was eventually announced by Finance Minister Lawrence Wong during Budget 2022 (18 February 2022) to be increased in 2 phases, one percentage point each time on 1 January 2023 and 1 January ...
Auditor-General's Office; Agency overview; Formed: 1867 (): Jurisdiction: Government of Singapore: Motto: To audit and report to the President and Parliament on the proper accounting and use of public resources so as to enhance public accountability and help strengthen the financial governance of the public service.
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.
Singapore is a country known for its highly efficient and centralised government system largely due to these statutory boards. [2] They play a significant role in the development and implementation of policies and programs in various sectors of the country.
William Farquhar, who served as the first resident of Singapore from 1819 to 1823. On 30 January 1819, Sir Stamford Raffles, an Englishman who was the Governor of Bencoolen (now Bengkulu, Indonesia), entered into a preliminary agreement with the Temenggung of Johor, Abdul Rahman Sri Maharajah, for the British East India Company to establish a "factory" or trading post on the island of Singapore.