Ministry of Finance
Kementerian Kewangan
(MOF)
Coat of arms of Malaysia
Ministry overview
Formed31 August 1957; 64 years ago (1957-08-31)
JurisdictionGovernment of Malaysia
HeadquartersMinistry of Finance Complex, No. 5, Persiaran Perdana, Precinct 2, Federal Government Administrative Centre, 62592 Putrajaya
Employees21,509 (2017)
Annual budgetMYR 5,320,637,000 (2020)
Minister responsible
Deputy Minister responsible
Ministry executive
  • Dato' Asri bin Hamidon, Secretary-General of Treasury
  • Deputy Secretary-General of Treasury (Policy)
  • Dato' Othman bin Semail, Deputy Secretary-General of Treasury (Management)
  • Zakiah binti Jaafar, Deputy Secretary-General of Treasury (Investment)
Websitewww.treasury.gov.my
Footnotes
Ministry of Finance on Facebook

The Ministry of Finance (Malay: Kementerian Kewangan), 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

Federal departments

  1. Federal Treasury, or Perbendaharaan Malaysia.
  2. Royal Malaysian Customs Department (RMCD), or Jabatan Kastam Diraja Malaysia. (Official site)
  3. Accountant General’s Department of Malaysia, or Jabatan Akauntan Negara Malaysia (JANM). (Official site)
  4. Valuation and Property Services Department, or Jabatan Penilaian dan Perkhidmatan Harta (JPPH). (Official site)

Federal agencies

  1. Inland Revenue Board of Malaysia, or Lembaga Hasil Dalam Negeri (LHDN). (Official site)
  2. Langkawi Development Authority (LADA), or Lembaga Pembangunan Langkawi. (Official site)
  3. Malaysian Totalisator Board, or Lembaga Totalisator Malaysia.
  4. Public Sector Home Financing Board, or Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA). (Official site)
  5. Labuan International Business and Financial Centre, or Pusat Perniagaan dan Kewangan Antarabangsa Labuan. (Official site)
  6. Securities Commission Malaysia (SC), or Suruhanjaya Sekuriti Malaysia. (Official site)
  7. Employees Provident Fund (EPF), or Kumpulan Wang Simpanan Pekerja (KWSP). (Official site)
  8. Retirement Fund (Incorporated), or Kumpulan Wang Persaraan (Diperbadankan) (KWAP). (Official site)
  9. Bursa Malaysia Berhad. (Official site)
  10. National Savings Bank, or Bank Simpanan Nasional (BSN). (Official site)
  11. Central Bank of Malaysia, or Bank Negara Malaysia (BNM). (Official site)
  12. Tun Razak Foundation, or Yayasan Tun Razak. (Official site)
  13. Perbadanan Insurans Deposit Malaysia (PIDM). (Official site)

Key legislation

The Ministry of Finance is responsible for administration of several key Acts:

Client's Charter

  1. To prepare Annual Estimated Expenditure to be tabled in the Parliament by the specified date.
  2. To prepare Handbook of Federal Government Revenue Budget to be tabled in the Parliament on Budget Day.
  3. To prepare Annual Economic Report to be tabled with the Budget Speech in the Parliament and Quarterly periodic Economic Report.
  4. To ensure the performance achievement of Operational and Liabilities and Development Expenditure in average will exceed 85% of the approved annual allocation under Treasury’s control.
  5. To ensure the registration of the common areas supply and service contractor for new application and areas-add be approved within seven working days whilst application for profile update within three working days.
  6. To approve a complete first housing loan application of the government servant within three working days and to issue the progress payment within twenty-one (21) working days from the date of the claim approved.
  7. To manage the disbursement of Federal Government to the State Governments, companies, half statutory bodies and other agencies within fourteen days from the date of receipt.
  8. To issue the establishment warrant within the specified period from the date of receipt of a complete PSD certificate as follows:
    1. Establishment warrant which involves 50 or fewer items changed is issued within five working days; and
    2. Establishment warrant which involves more than 50 items changed is issued within ten working days.
  9. To ensure all public complaints be given initial feedback within 1 working day from the date of receipt.

Legal framework

The Federal Constitution allows Parliament to make laws related to finance that include:

See also

References