Inland Revenue Authority of Singapore

Inland Revenue Authority of Singapore

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The Inland Revenue Authority of Singapore (“IRAS”) is the main tax administrator to the Government. IRAS collects taxes that account for about 70% of the Government’s operating revenue that supports the Government’s economic and social programmes to achieve quality growth and an inclusive society. IRAS also represents the Government in tax treaty negotiations, drafts tax legislations, and provides advice on property valuation to the Government. As part of its public engagement, IRAS works closely with tax agents as partners in administering the Singapore tax system and in facilitating tax compliance.

IRAS was established by legislation on 1 September 1992 as a statutory board under the Ministry of Finance. Prior to that, IRAS’ functions were performed by the Singapore Income Tax Department, which was created in 1947 to administer the Income Tax Ordinance, and then by the Inland Revenue Department in 1960 to administer the Income Tax Act 1947.

Source:
www.iras.gov.sg

Monetary Authority of Singapore

Monetary Authority of Singapore

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The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.

As central bank, MAS promotes sustainable, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector.

As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.

MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

The functions of the MAS include:

  • To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government.
  • To conduct integrated supervision of financial services and financial stability surveillance.
  • To manage the official foreign reserves of Singapore.
  • To develop Singapore as an international financial centre.

 

Source:

www.mas.gov.sg/who-we-are/what-we-do

Competition Commission of Singapore

Competition and Consumer Commission of Singapore

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The Competition Commission of Singapore was established on 1 January 2005 to administer and enforce the Competition Act 2004. On 1 April 2018, the Competition Commission of Singapore took on an additional function of administering the Consumer Protection (Fair Trading) Act 2003, and was renamed the Competition and Consumer Commission of Singapore. From 1 July 2025, the Competition and Consumer Commission of Singapore expanded its mandate to ensure that businesses observe fair trade measurement practices by administering the Weights and Measures Act 1975, and ensuring the supply of safe consumer goods by enforcing and implementing the Consumer Protection (Trade Descriptions and Safety Requirements) Act 1975 and its associated Regulations.

The Competition and Consumer Commission of Singapore (CCS) represents Singapore internationally on competition matters, consumer protection and legal metrology. CCS also has a statutory duty to advise the government, other public authorities, and consumer protection organisations on national needs and policies in respect of competition matters, consumer protection, and legal metrology generally.

The functions and duties of the CCS are to:

  1. Maintain and enhance efficient market conduct and promote overall productivity, innovation, and competitiveness of markets in Singapore;
  2. Eliminate or control practices having adverse effect on competition in Singapore;
  3. Promote and sustain competition in markets in Singapore;
  4. Promote a strong competitive culture and environment throughout the economy in Singapore;
  5. Act internationally as the national body representative of Singapore in respect of competition matters, consumer protection and legal metrology;
  6. Promote fair trading practices among suppliers and consumers and enable consumers to make informed purchasing decisions in Singapore;
  7. Promote among suppliers in Singapore, and educate consumers on, the following practices:
    • the supply of safe consumer goods;
    • the provision of relevant safety information about consumer goods;
    • legal metrology
  8. Prevent suppliers in Singapore from engaging in unfair practices and prevent the supply of unsafe consumer goods in Singapore;
  9. Administer and enforce the Consumer Protection (Fair Trading) Act 2003;
  10. Administer and enforce the Weights and Measures Act 1975 and
  11. Advise the Government, other public authorities or consumer protection organisations on national needs and policies in respect of competition matters, consumer protection and legal metrology generally.

 

Source:

www.ccs.gov.sg/about-ccs/who-we-are/

Ministry of Law

Ministry of Law

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The Singapore Ministry of Law (MinLaw) strives to advance access to justice, the rule of law, the economy and society through policy, law and services.

MinLaw plays the following key roles:

  • Drives legal reforms to ensure a progressive legal framework that meets society’s needs.
  • Oversees the policy for development, promotion and regulation of Singapore’s legal sector to strengthen Singapore’s position as a leading international legal services and dispute resolution hub.
  • Licenses all law practice entities and registers foreign-qualified legal practitioners in Singapore.
  • Promotes and protects Singapore’s interests through cooperation and engagement with key international and regional organisations, and bilateral partners on a range of international legal policy issues, including transnational criminal and civil justice.
  • Provides community legal services such as legal aid, criminal defence aid, community mediation, insolvency administration, and public trustee services.
  • Regulates moneylending and pawnbroking, and supervises precious stones and metal dealers.
  • Oversees land policy and administration, and the development of Singapore’s intellectual property sector, supported by its Statutory Boards.

 

The Ministry of Law is the parent ministry of the following Statutory Boards: (a) Intellectual Property Office of Singapore; (b) Singapore Land Authority; and (c) Land Surveyors Board.

Source:

www.mlaw.gov.sg/about-us/what-we-do/

Attorney-General’s Chambers

Attorney-General’s Chambers

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The Attorney-General’s Chambers of Singapore (AGC) is an Organ of State whose mission is to be the guardian of the public interest and the steward of the rule of law. AGC is led by the Attorney-General, who is the Public Prosecutor and the legal advisor to the Government.

As public prosecutor, AGC has control over all criminal proceedings and conducts prosecution in court. The Attorney-General is vested with the power to institute, conduct or discontinue proceedings for any offence. The Attorney-General has independence in this role, and is not subject to the control of the Government. 

As legal advisor, Attorney-General renders advice to the Government on legal matters, and performs other legal duties referred or assigned by the President or the Cabinet. The Attorney-General represents the Government in all legal actions by or against the Government, including in the international arena. The Attorney-General is also responsible for drafting legal instruments such as treaties, contracts, and Singapore’s legislation including revised editions of legislation.

 

Source:
www.agc.gov.sg/about-us/overview

Overview

Overview

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As a Commonwealth nation, Singapore’s legal system has its roots in English law and practice. Founded in 1819 by Sir Stamford Raffles, the once sleepy island was transformed into a major entrepȏt along the shipping route between Europe and the Far East. With the arrival of the English, English law and customs were adopted.

Since self-governance in 1959 and independence from Malaysia in 1965, Singapore has developed its own autochthonous legal system, establishing legislation and case law that are unique to its social and economic circumstances.

Despite forging its own path suited to Singapore’s requirements, there is one inherited British legal foundation that remains intact, albeit just: common law. Singapore inherited the English common law traditions, especially in contract, tort and restitution, and thus the stability, certainty and acceptance that such law enjoys among other Commonwealth nations. While Singapore courts still refer to case law emerging from England, it has made significant departures in the past 30 years, especially in statute-based areas such as company law, criminal law and evidence, in favour of local jurisprudence.

The Singapore legal structure comprises the Legislature, Executive and Judiciary. The Legislature is made up of the Parliament and an elected president. The Parliament is tasked with enacting laws of the land. Singapore has a unique Parliamentary composition. Besides elected Members of Parliament (MPs), non-elected MPs also sit in Parliament but their voting rights are restricted to matters that do not concern the Constitution, finance bills and votes of no-confidence in the Government.

The Executive is helmed by the President and comprises the Cabinet which is responsible for the general direction of the Government and accountable to Parliament. Cabinet ministers are drawn from MPs and as such there is no complete separation of powers between the Legislature and the Executive.

Source:

www.singaporelawwatch.sg/About-Singapore-Law/Singapore-Legal-System