International tax developments could affect Singapore, whose tax incentives have been instrumental to its investment promotion efforts. The offset is higher for lower-income Singaporeans, with those living in one- to three-room HDB flats receiving about 10 years' worth of additional GST expenses incurred. 198402868E. His appointment comes at a momentous point in Singapore's fiscal management. Dear readers, we are now into the last three days of the week where the government is expected to announce the Singapore Cabinet reshuffle. SINGAPORE Lawrence Wong has been appointed Singapore's new Finance Minister, taking over from former PM-designate Heng Swee Keat, by Prime Minister Lee Hsien Loong in a Cabinet reshuffle less than a year since his team took office. Read 3 articles daily and stand to win ST rewards, including the ST News Tablet worth $398. Singapore Prime Minister Lee Hsien Loong tapped 48-year-old Education Minister Lawrence Wong as new finance minister in a major Cabinet reshuffle announced Friday. By registering, you agree to our T&C and Privacy Policy. The impact will be cushioned by a $6 billion Assurance Package, which delays the effect of the hike for most households by at least five years. Heng will relinquish his role as finance minister, but remains the country's deputy prime minister and coordinating minister for economic policies. Lawrence WONG. 63324538. sally_tan@mof.gov.sg. LIVE: DPM & Finance Minister Heng Swee Keat delivers the Emerging Stronger Together Budget statement.Have an interesting video idea? As a recap, two weeks ago, Singapores Prime Minister Lee Hsien Loong has announced following Deputy Prime Minister Heng Swee Keats stepping aside as leader of the 4G Ministers that there will be a cabinet reshuffle in the next two weeks. MUCH of the scrutiny is on Singapore's next prime minister, but for the business community, the more immediate question is over the next finance minister. Singapores Prime Minister Lee Hsien Loong reshuffled his cabinet after three members stepped down following an election win earlier this month They can read the article in full after signing up for a free account. All done! The gift link for this subscriber-only article has expired. Singapore Prime Minister Lee Hsien Loong picked a new finance minister on Friday as part of a planned cabinet reshuffle, local media reported. Wong will take over from Heng Swee Keat, who announced two weeks ago that he will step aside as Lee's designated successor. SINGAPORE, April 23 The leadership of several heavyweight ministries are changing hands after less than a year, including the Ministry of Education and the Ministry of Transport, Prime Minister Lee Hsien Loong announced in his latest Cabinet reshuffle today. Sherry Finance Minister Hank's week yet has bowed out saying that Singapore needs a younger leader tosucceed the Prime Minister Li. Budget Focus: Create the right conditions in Singapore to attract foreign investment . But he may have to grapple with them in future as his ministry tries to strike a balance between the public's demands for more social equity and the potential impact this could have on Singapore's competitiveness. SINGAPORE: A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. THE recent Cabinet reshuffle saw Lawrence Wong appointed Singapore's ninth Minister for Finance since 1965. Singapores finance minister steps aside as PM-designate in major shake-up to leadership transition Heng Swee Keat will remain as deputy prime minister but will relinquish his finance Join ST's Telegram channel here and get the latest breaking news delivered to you. Having assisted Mr Heng as Second Minister for Finance since 2016, he has, as Prime Minister Lee Hsien Loong said, the experience and is a "natural fit" for the job. SINGAPORE: A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its However, he later indicated hewould delay his handoverto see Singapore through the Covid-19 crisis. His co-chair, Gan Kim Yong, will relinquish his role as Minister for Health. Second Minister for Finance. Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, tipped as a contender to be future premier, as the new finance minister in a broader cabinet reshuffle which comes at a time when the country is resetting its leadership succession plan. The NIRC framework allows the Government to spend up to 50 per cent of the net investment returns on net assets invested by GIC, the Monetary Authority of Singapore and Temasek, and up to 50 per cent of the net investment income derived from past reserves from the remaining assets. SINGAPORE (Reuters) - Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, tipped as a contender to be future premier, as the new finance minister in a Term: 1967-1970 . In terms of the importance of the post in government, certainly being a full finance minister from being second minister of finance is a promotion for Wong, said Gillian Koh, deputy director of research at the Institute of Policy Studies in Singapore. MUCH of the scrutiny is on Singapore's next prime minister, but for the business community, the more immediate question is over the next finance minister. Wong will relinquish his role as Education Minister Wong is the current education minister and second finance minister Interactive: Who's helming S'pore's 15 ministries after PM Lee's Cabinet reshuffle? 63327415. SINGAPORE: Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, who has been tipped as a contender to be future premier, as the new finance minister on Friday in a broad cabinet reshuffle. 432 were here. SINGAPORE (Reuters) Singapore Prime Minister Lee Hsien Loong picked a new finance minister on Friday as part of a planned cabinet reshuffle, local media reported. SINGAPORE - Education Minister Lawrence Wong will helm the Ministry of Finance, in the latest Cabinet reshuffle announced by Prime Minister Lee Wong will remain co-chair of Singapores Covid-19 task force. Wong, who was appointed as the new Education Minister in July 2020, has been the second Minister for Finance since 2016. All eyes are on how the US proposal could impact ongoing Beps 2.0 discussions, which are set for an agreement in July. A Virginia restaurant is giving away free meals, no questions asked. Permanent Secretary (Ministry of Finance) Mrs TAN Ching Yee. Singapores Prime Minister Lee Hsien Loong has named Lawrence Wong as the countrys new finance minister. PM Lee said that Wong has been assisting Heng Swee Keat since 2016 and is a Singapore's finance minister on Monday unveiled more economic support measures worth about S$8 billion ($5.8 billion) to cushion the blow from the COVID-19 The party suffered one of its worst electoral showings last year, winning 83 out of 93 parliamentary seats and 61% of the votes. Desmond Lee, 44, who will remain as minister for national development. The Singapore Government Directory is an online information service to facilitate communication between members of the public and the public service. 431 were here. ; Tamil: , ) is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore.. It reinforces the notion that he is a serious candidate as Lees successor. Until we resolve the issues, subscribers need not log in to access ST Digital articles. 432 were here. Major announcements made as Finance Minister: . This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Singapore Adds New Role to Finance Minister in Reshuffle Philip J. Heijmans 7/25/2020. Ms Sally TAN. Lawrence Wong, who has been Second Minister for Finance since 2016, will head the Ministry of Finance. Heng, who's 60 this year, had cited his age as an obstacle in steering the country in a post-pandemic world. Heng Swee Keat is handing over his duties as Finance Minister. Lee, the current prime minister, had previously saidhe was ready to retireby the time he turns 70. Whether Mr Wong has to make adjustments to Singapore's tax system remains to be seen. Lawrence Wong will continue to co-chair the Covid-19 multi-ministry task force. Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, tipped as a contender to be future premier, as the new finance minister in a broader cabinet reshuffle which comes at a To create a better Singapore through Finance. Aside from funding long-term infrastructure, the Government must also remain fiscally prudent in order to build back the reserves - totalling up to $53.7 billion over last year and this year - which are expected to be drawn down during the Covid-19 pandemic. To create a better Singapore through Finance. Second Minister for Finance. This comes a day after Deputy Prime Minister (DPM) Heng Swee Keat's announcement that he is All Rights Reserved. SINGAPORE - Education Minister Lawrence Wong will helm the Ministry of Finance, in the latest Cabinet reshuffle announced by Prime Minister Lee A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. the prime minister's office said on Friday. SINGAPORE (Reuters) Singapore Prime Minister Lee Hsien Loong picked a new finance minister on Friday as part of a planned cabinet reshuffle, local media reported. SPH Digital News / Copyright 2021 Singapore Press Holdings Ltd. Co. Regn. Lawrence Wong, the country's current education minister and second finance minister, will helm the finance portfolio from May 15, the prime minister's office said on Friday. Make opportunities available to all Singaporeans. We want to hear from you. on Friday named Lawrence Wong as the countrys next finance minister, signalling that the 48-year-old - the public face of Singapores Covid-19 response - may be among the favourites to These are difficult decisions which Mr Wong does not have to make now, thanks to Singapore's strong fiscal position. Lee is 69 this year. The finance ministry will be headed by Lawrence Wong, who is currently education minister. 63324538. sally_tan@mof.gov.sg. Got a confidential news tip? United States Treasury Secretary Janet Yellen has proposed a global minimum corporate tax rate of 21 per cent - higher than the speculated 10 per cent to 12.5 per cent under base erosion and profit shifting (Beps) 2.0 proposals mooted by the Organisation for Economic Cooperation and Development. No. Lawrence Wong was named Singapores next finance minister in a cabinet reshuffle Friday, boosting his prominence as the city-state reboots its leadership transition plan. While it is expected that expenditure for the remainder of this term of government will be funded without a further draw on past reserves, the global outlook remains murky. But other factors such as infrastructure, a skilled labour market, and sound financial and legal systems still make the Republic an attractive investment destination. The increase will help Singapore meet its rising recurrent spending needs, especially in healthcare. Initiated the transformation of Jurong from a swamp to Singapores first industrial estate The finance ministry will be headed by Lawrence Wong, who is currently education minister. SINGAPORE - Mr Lawrence Wong takes over from Deputy Prime Minister Heng Swee Keat as Finance Minister. Wong is also the co-chair of Singapore's taskforce on Covid-19, and has risen in prominence since the coronavirus outbreak last year. To create a better Singapore through Finance. But a log-in is still required for our PDFs. Implement the goods and services tax (GST) hike. Permanent Secretary (Ministry of Finance) Mrs TAN Ching Yee. Lawrence Wong will be the new Minister for Finance, announced Prime Minister Lee Hsien Loong via a statement on April 23. SINGAPORE Lawrence Wong has been appointed Singapore's new Finance Minister, taking over from former PM-designate Heng Swee Keat, by Prime Minister Lee Hsien Loong in a Cabinet reshuffle less than a year since his team took office. Stay fiscally prudent and sustainable. Wong is the current education minister and second finance minister, and has been tipped as one of the potential successors to Lee. Singapore. You have reached your limit of subscriber-only articles this month. The event was opened by Mr. Matti Vanhanen, Finance Minister of Finland and Co-Chair of the Coalition. SINGAPORE - Singapore's resources may be limited, but its opportunities are endless - this is the gist of a message engraved in a black leather briefcase that Deputy Prime Minister Ms Sally TAN. SINGAPORE - Mr Lawrence Wong takes over from Deputy Prime Minister Heng Swee Keat as Finance Minister. Senior Management & Their Personal Assistants. Some suggestions include making use of existing levers such as the past reserves, and tweaking the Net Investment Returns Contribution (NIRC) framework. Also served as: Deputy Prime Minister of Singapore, Minister for Education, Minister for Defence, Member of Parliament for Kreta Ayer . In addition to Wong, analysts identified three other potential candidates for prime minister: The ruling People's Action Party has governed Singapore since the country's independence in 1965. Finance is a key ministry, so when the Finance Minister changes, it has many repercussions, he adds. 00:00 This was a surprise move.Yeah it certainly was. SINGAPORE Singapore's Prime Minister Lee Hsien Loong has named a new finance minister, replacing Heng Swee Keat who announced two weeks ago that he will step aside as Lee's designated successor. Wong is among a After Heng's surprise announcement, Lee said he wouldstay on as prime minister until a new successor emerges and is ready to take over. Lawrence Wong, currently education minister, was picked as the replacement for Finance Minister Heng Swee Keat in a major cabinet reshuffle. Budget Focus: Create the right conditions in Singapore to attract foreign investment . Singapore Prime Minister Lee Hsien Loong tapped 48-year-old Education Minister Lawrence Wong as new finance minister in a major Cabinet reshuffle announced Friday. and Minister for Finance. The pandemic has given rise to calls for more redistributive policies. Major announcements made as Finance Minister: . on Friday named Lawrence Wong as the countrys next finance minister, signalling that the 48-year-old - the public face of Singapores Covid-19 response - Minister for Transport Ong Ye Kung, 51, who will become health minister. The cabinet shuffle came after Heng's announcement threw Singapore's carefully planned leadership succession into disarray. Singapore's Prime Minister Lee Hsien Loong has named Lawrence Wong as the country's new finance minister. Singapore Names Wong Finance Minister in Cabinet Shake-Up: CNA Back to video Since founding father Lee Kuan Yew relinquished power some three decades ago, Singapores politics have been so well choreographed and predictable that theyre often joked about as dull. Mr HENG Swee Keat. Lawrence_wong@mof.gov.sg. Singapore's Ministry of Communications and Information, Covid pandemic upended Singapore's leadership succession plans, says expert. Mr TEO Chee Hean. Senior Management & Their Personal Assistants. In view of the ongoing global economic slowdown and effects of the COVID-19 outbreak, the government has announced that the Singapore President and all cabinet ministers, including the Prime Minister, will be taking a one-month pay cut.. Perhaps it is timely to examine how much of a financial impact this will have, or whether the pay cut is an insignificant drop in the bucket from a Lawrence Wong, currently education minister, was picked as the replacement for Finance Minister Heng Swee Keat in a major cabinet reshuffle. Wong will relinquish his role as Education Minister, the Prime Minister's Office said on Friday (23 April). Singapore's Minister for National Development Lawrence Wong at a press conference on the country's Covid-19 situation on April 22, 2021. MOF's mission is to create a better Singapore through Finance. A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. Mr Wong will continue to co-chair the Covid-19 multi-ministry task force together with new Health Minister Ong Ye Kung and Trade and Industry Minister Gan Kim Yong. step aside as Lee's designated successor. Wong, the current education minister, is among a crop of younger political figures who have been touted by analysts as potential successors to Lee. will take place between next year and 2025. cushioned by a $6 billion Assurance Package, a global minimum corporate tax rate of 21 per cent, Challenges, aims and priorities of 7 ministers with new roles, PM Lee unveils new Cabinet line-up: Key changes at a glance, allow the Government to borrow up to $90 billion. The event included discussion on COVID-19 response in the Nordic-Baltic region and the role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in sustainable recovery in a global context. At home, while enhanced support measures have been announced for eateries in view of tightened measures to stem the growing number of community cases, should the situation deteriorate, Mr Wong may need to even consider a second Budget sooner. Ms Indranee Rajah supports Mr Wong as Second Minister. 432 were here. Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2021 CNBC LLC. The planned GST hike from 7 per cent to 9 per cent will take place between next year and 2025 - sooner rather than later - subject to the economic outlook. Initiated the transformation of Jurong from a swamp to Singapores first industrial estate Singapore. ministry of finance singapore interview, ministry of finance thailand address, ministry of finance thailand directory. Share gift link below with your friends and family. Ensure Singapore remains conducive to business. and Minister for Finance. But his replacement is not guaranteed to be the next PM. S'pore's Cabinet reshuffle: Major changes but it's not time to read the tea leaves. Mr Tharman SHANMUGARATNAM. Senior Minister and Coordinating Minister for National Security. To create a better Singapore through Finance. All rights reserved. 63327415. Also served as: Deputy Prime Minister of Singapore, Minister for Education, Minister for Defence, Member of Parliament for Kreta Ayer . Since 2016, the NIRC has been the single largest contributor to government coffers. The current Finance Minister is Deputy Prime Minister of Singapore, Heng Swee Keat Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance. Wong is among potential candidates that analysts said could eventually take over from Lee as prime minister. Term: 1967-1970 . Lawrence WONG. Prime Minister. While Singapore's fiscal position remains sound and the country retains a top-rated AAA sovereign credit rating from all the major rating agencies, the new Minister for Finance will have to grapple with a We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Get unlimited access to all stories at $0.99/month for the first 3 months. Data is a real-time snapshot *Data is delayed at least 15 minutes. SINGAPORE: Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, who has been tipped as a contender to be future premier, as the new finance minister on Friday in a broad cabinet reshuffle. Singapore's Prime Minister Lee Hsien Loong has named Lawrence Wong as the country's new finance minister. Lawrence_wong@mof.gov.sg. A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. Other suggestions include getting those who are more well-off to give back more to society, such as by paying more personal income tax. Lawrence Wong was named Singapores next finance minister in a cabinet reshuffle Friday, boosting his prominence as the city-state reboots its leadership transition plan. A Division of NBCUniversal. With major highways, the Cross Island and Jurong Region MRT lines and climate adaptation structures in the works, Singapore expects a hump in annual development expenditure of around 5 per cent of gross domestic product, higher than the baseline of 3.7 per cent. Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Mr Heng Swee Keat, delivered the Budget Statement on Tuesday, 16 February 2021 in Parliament. Gan has been appointed the Minister for Trade and Industry. A new law will allow the Government to borrow up to $90 billion to pay for such infrastructure, provided that it lasts for at least 50 years. Lawrence Wong will continue to co-chair the Covid-19 multi-ministry New Finance Minister Lawrence Wong may face hard decisions on taxes, more Budget measures for Covid-19 relief. A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. The Cabinet comprises the following members with effect from 27 July 2020: Mr LEE Hsien Loong. Wong, the current education minister, is among a crop of younger political figures who have been touted by analysts as potential successors to Lee. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. SINGAPORE (Reuters) - Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, tipped as a contender to be future premier, as the new finance minister in a Minister for Trade and Industry Chan Chun Sing, 51, who will become education minister in the new cabinet. MOF's mission is to create a better Singapore through Finance. Singapore Finance Minister Heng Swee Keat stepped aside as the designated successor to Prime Minister Lee Hsien Loong, a surprise move that will likely push back a long-telegraphed power transition in the city-state.
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