The Ministry of Finance (), abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Minister of Finance administers his functions through the Ministry of Finance and a range of other government agencies.
Its headquarters is in Ministry of Finance Complex, Putrajaya.
Duties and importance
The Minister of Finance is the minister in charge of government revenue and expenditure. The Minister oversees economic policy: fiscal policy is within the Minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Malaysia, the head of which is appointed by the Yang di-Pertuan Agong. The Minister of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Minister of Finance is a very senior government post; historically, many Ministers of Finance have previously, concurrently or subsequently served as Prime Minister or Deputy Prime Minister. Service as Minister of Finance is seen as an important (though certainly not essential) qualification for serving as Prime Minister: to date, five Ministers of Finance have gone on to be Prime Minister.
Organisation
Ministry
Minister of Finance
Deputy Minister
Secretary-General of Treasury
Under the Authority of Secretary-General of Treasury
Special Commissioners of Income Tax
Legal Division
Customs Appeal Tribunal
Corporate Strategy and Communication Division
Treasury Internal Audit Unit
Integrity Unit
GST Appeal Tribunal
Deputy Secretary-General of Treasury (Policy) National Budget Office International Division Fiscal and Economics Division Tax Division Registrar Office of Credit Reporting Agencies Deputy Secretary-General of Treasury (Management) Remuneration Policy and Management Division Government Procurement Division Sabah Federal Treasury Sarawak Federal Treasury Information Technology Division Deputy Secretary-General of Treasury (Investment) Public Asset Management Division Government Investment Companies Division Statutory Body Strategic Management Division Strategic Investment Division
Federal departments
Federal Treasury, or Perbendaharaan Malaysia. Royal Malaysian Customs Department (RMCD), or Jabatan Kastam Diraja Malaysia. (Official site) Accountant General’s Department of Malaysia, or Jabatan Akauntan Negara Malaysia (JANM). (Official site) Valuation and Property Services Department, or Jabatan Penilaian dan Perkhidmatan Harta (JPPH). (Official site)
Federal agencies
Inland Revenue Board of Malaysia, or Lembaga Hasil Dalam Negeri (LHDN). (Official site) Langkawi Development Authority (LADA), or Lembaga Pembangunan Langkawi. (Official site) Malaysian Totalisator Board, or Lembaga Totalisator Malaysia. Public Sector Home Financing Board, or Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA). (Official site) Labuan International Business and Financial Centre, or Pusat Perniagaan dan Kewangan Antarabangsa Labuan. (Official site) Securities Commission Malaysia (SC), or Suruhanjaya Sekuriti Malaysia. (Official site) Employees Provident Fund (EPF), or Kumpulan Wang Simpanan Pekerja (KWSP). (Official site) Retirement Fund (Incorporated), or Kumpulan Wang Persaraan (Diperbadankan) (KWAP). (Official site) Bursa Malaysia Berhad. (Official site) National Savings Bank, or Bank Simpanan Nasional (BSN). (Official site) Central Bank of Malaysia, or Bank Negara Malaysia (BNM). (Official site) Tun Razak Foundation, or Yayasan Tun Razak. (Official site) Perbadanan Insurans Deposit Malaysia (PIDM). (Official site)