News

BREAKING DOWN THE BUDGET CYCLE

November/December 2014

The Budget Feedback Cycle begins with the Ministry of Finance gathering feedback for the next year's Budget. This usually takes about two months and all feedback would be considered for the design of the Budget.

Feb 23

Budget Day. The Finance Minister delivers the Budget statement where Singapore's social, economic and tax policies for the year are revealed.

Feb 24-28

MPs file "cuts" which allow them to raise their disagreements, complaints or concerns over programmes of the various ministries during the Budget and Committee of Supply debates.

March 2-3

The Finance Minister introduces the Supply Bill. This serves to control the amount of money that the Government may spend in the coming financial year. It also states the purposes for which the money may be spent.

The Budget debate begins. The House spends two days to debate and vote on whether to approve the Budget statement. The Finance Minister delivers a round-up speech.

March 4-12

Committee of Supply debates begin. The Finance Minister delivers his speech for the second and third reading of the Supply Bill. The President's approval is sought for the enactment of the Supply Bill, which is later enacted as the Supply Act.

April 1

The new financial year begins.