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Singapore's 2023 Budget statement to be delivered in Parliament on Feb 14

Singapore's 2023 Budget statement to be delivered in Parliament on Feb 14

Finance Minister Lawrence Wong delivers the Budget 2022 statement in Parliament on Feb 18, 2022.

SINGAPORE: Deputy Prime Minister and Minister for Finance Lawrence Wong will deliver Singapore's 2023 Budget statement in Parliament on Feb 14, 2023, the Ministry of Finance (MOF) said on Thursday (Dec 29).

The Budget will be broadcast live on television, radio and online on the Singapore Budget website. The full Budget statement will also be published on the website after delivery.

Real-time updates of key announcements will be published on MOF's Facebook and Twitter accounts.

Members of the public can continue to share views online through REACH's microsite until Jan 13, 2023.

MOF is also partnering the People's Association and its grassroots organisations in virtual engagement platforms to seek public views and suggestions until Jan 13, 2023.

The Budget process starts at the beginning of the financial year in April.

Discussions take place throughout the year within MOF and other agencies, during which considerations such as national priorities and financial viability will be factored in.

These discussions are then opened up for public debate via online and offline channels. Feedback is reviewed and used to shape the eventual Budget line-up.

The Cabinet then approves the Budget, and the statement is delivered by the Finance Minister in February. The Supply Bill is also introduced, and Parliament debates the Budget statement.

The Finance Minister then delivers the round-up speech, clarifies queries from Members of Parliament and sums up the Budget. Parliament then sits as a Committee of Supply to examine each ministry's plans.

Following the conclusion of the Committee of Supply, the Finance Minister delivers the second and third reading of the Supply Bill. Parliament will then vote on the Bill.

If the President assents to the Bill, it becomes a law called the Supply Act. This controls Government spending in the coming financial year.

Source: CNA/dv(ac)


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