On 5 June 1959, the Ministry of Finance (MOF) was sworn into office. It was initially made up of the Treasury (Finance) and Economic Development Divisions, each headed by a Permanent Secretary responsible to the Minister. The Ministry was later re-organised to comprise the Budget, Revenue and Development Divisions. In Jan 1975, a permanent secretary was assigned to take charge of economic activation. He also chaired the Economic Activation Committee, established to spearhead counter-recessionary measures. The Budget, Revenue and Development Divisions continued to be under MOF until 15 March 1975 when the Development Division became the new Ministry of Trade and Industry. In 1983, the Public Service Division (PSD) was established within the Ministry. The main function of MOF is to advance the well-being and development of Singapore through Finance. The MOF is responsible for budget policies and expenditure allocations; expenditure policies; government accounting; procurement policies; government computerisation; taxation and fiscal policy; government investments; public dept management; registration of companies and businesses; and regulation of totalisators and totalisator agencies. Examples of the departments and statutory boards that come under MOF include the Accountant-General's Department, Singapore Customs, Inland Revenue Authority of Singapore and Tote Board.
