Article 142-148 Constitution of Singapore 1963
Article 142, 143, 144, 145, 146, 147, 148, among others, of the Constitution of Singapore 1963 are under Part XI of the Constitution. Part XI is titled Financial Provisions.
Article 142 Singapore Constitution 1963
Interpretation of this Part
(1) In this Part, unless the context otherwise requires —
“Development Fund” means the Development Fund established by the Development Fund Act 1959;
“financial year” means a period of 12 months ending on 31 March in any year.
(1A) Notwithstanding clauses (1C) and (2), where —
(a) before the start of any financial year, the President, acting in his discretion, concurs with the advice of the Minister responsible for finance on the long-term real rates of return which are expected to be earned on the respective components of the relevant assets (referred to in this Article as the expected long-term real rates of return); and
(b) the Minister responsible for finance thereafter certifies under his hand to the President the spending limit for that financial year, specifying an amount which shall not be more than 50% of the total of all amounts ascertained by applying the expected long-term real rates of return so agreed under paragraph (a) for that financial year on the respective components of the relevant assets,
any reference in this Part to the reserves not accumulated by the Government during its current term of office shall exclude those reserves equal to the amount so certified.
(1B) Any provisional certificate on the spending limit for a financial year issued by the Minister responsible for finance under clause (1A)(b) at any time during the financial year shall have the same effect as if it is a final certificate on the spending limit for the financial year until it is superseded by the issue of the final certificate on the spending limit for that same financial year.
(1C) In addition to clause (2), the net investment income and realised capital gains that are —
(a) directly attributable to the relevant assets; and
(b) received by the Government during a financial year in any current term of office of the Government,
shall for the purposes of this Part accrete and be deemed to form part of the past reserves of the Government with effect from the date of the receipt thereof.
(2) For the purposes of this Part, where any net investment income is received during a financial year in any current term of office of the Government —
(a) such amount of the net investment income of the financial year that is derived from the past reserves of the Government as is certified under clause (3); or
(b) if no certificate under clause (3) is made, 50% of the net investment income of the financial year that is derived from the past reserves of the Government not comprised in the relevant assets, shall accrete and be deemed to form part of the past reserves of the Government with effect from the date of the certificate relating to that financial year made under clause (3) or, if no such certificate is made or earlier made, from the date the accounts and statements referred to in Article 147(5) for that financial year are presented to the President.
(3) The Minister responsible for finance shall, as soon as practicable after the end of every financial year, certify to the President in a certificate relating to that financial year, the amount (not being less than 50%) of the net investment income of that financial year derived from the past reserves of the Government not comprised in the relevant assets which is to accrete and be deemed to form part of the past reserves of the Government; and such certificate shall be final and conclusive evidence of the amount.
(4) In this Article —
“net investment income”, in relation to a financial year, means the balance of —
(a) the dividends, interest and other income received by the Government during the financial year from investing the reserves of the Government; and
(b) the interest received by the Government during the financial year from loans (whenever given) by the Government, after deducting all expenses arising from or incidental to investing and managing those reserves (other than costs of purchasing or disposing of or converting investments) and any interest, sinking fund charges and borrowing charges;
“net investment income of a financial year that is derived from the past reserves” means the share of the net investment income of the financial year that is attributable to the past reserves;
“past reserves of the Government” means the reserves not accumulated by the Government during its current term of office, including accretions thereto deemed under clauses (1C) and (2) to be part thereof, but less such amount that is certified under clause (1A)(b) or such amount adjusted pro-rata based on the period a financial year falls partially within any current term of office of the Government;
“real rate of return” means an annual percentage of return on investment of relevant assets of the Government adjusted for changes in prices due to inflation or deflation and after deducting all expenses arising from or incidental to investing and managing the relevant assets;
“realised capital gains”, in relation to any relevant assets, means all proceeds realised from the disposition of the relevant assets less all costs and expenses arising from or incidental to the disposition, purchase or conversion of the relevant assets, and includes any realised capital losses;
“relevant assets” means all of the following:
(a) the total net assets managed by GIC Private Limited and all its wholly‑owned subsidiaries (including those with registered offices outside Singapore) as fund managers for the Government, for any company wholly‑owned by the Government and for all the wholly‑owned subsidiaries of such a Government company;
(b) such moneys of the Government as the Monetary Authority of Singapore receives from the Government as banker to the Government;
(c) the excess of the assets of the Monetary Authority of Singapore over its liabilities, being assets and liabilities not directly attributable to the Government, and being not already comprised in paragraph (b);
(d) from 1 April 2016, the excess of the assets of Temasek Holdings (Private) Limited over its liabilities, less the following liabilities:
(i) the total liabilities of the Government that is attributable to its borrowings under the Government Securities (Debt Market and Investment) Act 1992; and
(ii) the total liabilities of the Government that is represented by any Government Fund (other than a Government Fund required by written law to be held, managed and administered separately from other Government funds) established by a public Act for special purposes and not already comprised in paragraph (i).
Article 143 Singapore Constitution 1963
No taxation unless authorised by law
No tax or rate shall be levied by, or for the purposes of, Singapore except by or under the authority of law.
Article 144 Singapore Constitution 1963
Restriction on loans, guarantees, etc.
(1) No guarantee or loan shall be given or raised by the Government —
(a) except under the authority of any resolution of Parliament with which the President, acting in his discretion, concurs;
(b) under the authority of any law to which this paragraph applies unless the President, acting in his discretion, concurs with the giving or raising of such guarantee or loan; or
(c) except under the authority of any other written law.
(2) The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament providing, directly or indirectly, for the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if, in the opinion of the President, the Bill is likely to draw on the reserves of the Government which were not accumulated by the Government during its current term of office.
(3) Clause (1)(b) shall apply to the following laws:
(a) the Asian Development Bank Act 1966;
(b) the Bretton Woods Agreements Act 1966;
(c) [Deleted by Act 27 of 2008]
(d) [Deleted by Act 32 of 2021 wef 31/01/2022]
(e) the Financial Procedure Act 1966;
(f) the International Development Association Act 2002;
(g) the International Finance Corporation Act 1968;
(h) the Jurong Town Corporation Act 1968;
(i) the Loans (International Banks) Act 1958.
Article 145 Singapore Constitution 1963
Consolidated Fund
There shall be in and for Singapore a Consolidated Fund into which, subject to the provisions of any law for the time being in force in Singapore, shall be paid all revenues of Singapore not allocated to specific purposes by any written law.
Article 146 Singapore Constitution 1963
Withdrawal from Consolidated Fund, etc.
(1) No moneys shall be withdrawn from the Consolidated Fund unless they are —
(a) charged on the Consolidated Fund;
(b) authorised to be issued by a Supply law, Supplementary Supply law or Final Supply law;
(c) authorised to be issued by a resolution passed by Parliament under Article 148B with which the President concurs; or
(d) authorised to be issued by the Minister responsible for finance under Article 148B(4).
(2) No moneys shall be withdrawn from the Consolidated Fund except in the manner provided by law.
(3) Clause (1) shall not apply to any such sums as are mentioned in Article 147(2)(b)(i), (ii) or (iii).
(4) No moneys in the Development Fund shall be withdrawn —
(a) except for any one or more purposes specified in any written law, being purposes necessary or related to the development of Singapore; and
(b) unless authorised to be issued by a Supply law, Supplementary Supply law or Final Supply law or by the Minister responsible for finance under Article 148B(4).
Article 147 Singapore Constitution 1963
Annual estimates and financial statements
(1) The Minister responsible for finance shall, before the end of each financial year, cause to be prepared annual estimates of revenue and expenditure of Singapore during the succeeding financial year which, when approved by the Cabinet, shall be presented to Parliament.
(2) The estimates of expenditure shall show separately —
(a) the total sums required to meet expenditure charged on the Consolidated Fund;
(b) the sums respectively required to meet the heads of other expenditure for the public services proposed to be met from the Consolidated Fund, except the following sums:
(i) sums representing the proceeds of any loan raised by the Government for specific purposes and appropriated for those purposes by the law authorising the raising of the loan;
(ii) sums representing any money or interest on money received by the Government subject to a trust and to be applied in accordance with the terms of the trust; and
(iii) sums representing any money held by the Government which has been received or appropriated for the purpose of any trust fund established by or in accordance with any written law; and
(c) the sums respectively required to meet the heads of expenditure proposed to be met from the Development Fund.
(3) The estimates of revenue to be shown in the estimates shall not include any sums received by way of zakat, fitrah and baitulmal or similar Muslim revenue.
(4) The Minister responsible for finance shall also present to Parliament together with the estimates of revenue and expenditure —
(a) a statement whether the annual estimates of revenue and expenditure is likely to draw on the reserves which were not accumulated by the Government during its current term of office; and
(b) an audited statement showing as far as practicable the assets and liabilities of Singapore at the end of the last completed financial year.
(5) The Minister responsible for finance shall, as soon as practicable after the end of every financial year, prepare in respect of that year —
(a) in relation to accounts maintained in respect of the Consolidated Fund, a full and particular account showing the amounts actually received and spent in that year, and a full and particular statement showing receipts and expenditure of any loan moneys;
(b) a statement of receipts and expenditure of moneys accounted in the Development Fund Account;
(c) a statement of receipts and expenditure of moneys accounted in any Government fund created by any law;
(d) so far as is practicable, a statement of the assets and liabilities of Singapore at the end of the financial year;
(e) so far as is practicable, a statement of outstanding guarantees and other financial liabilities of Singapore at the end of the financial year; and
(f) such other statements as the Minister may think fit, and, after the accounts and statements referred to in this clause have been audited, present to the President those audited accounts and statements together with another statement stating whether the audited accounts and statements referred to in this clause show any drawing on or likelihood of drawing on the reserves of the Government which were not accumulated by the Government during its current term of office.
Article 148 Singapore Constitution 1963
Authorisation of expenditure from Consolidated Fund and Development Fund
(1) The heads of expenditure to be met from the Consolidated Fund and Development Fund (other than statutory expenditure and expenditure to be met by such sums as are mentioned in Article 147(2)(b)(i), (ii) or (iii)) shall be included in a Bill to be known as a Supply Bill, providing for the issue from the Consolidated Fund and Development Fund of the sums necessary to meet that expenditure and the appropriation of those sums for the purposes specified therein.
(2) Wherever —
(a) any moneys are expended or are likely to be expended in any financial year upon any service or purpose which are in excess of the sum provided for that service or purpose by the Supply law relating to that year; or
(b) any moneys are expended or are likely to be expended (otherwise than by way of statutory expenditure) in any financial year upon any new service or purpose not provided for by the Supply law relating to that year,
supplementary estimates (or, as the case may be, statements of excess) shall be prepared by the Minister responsible for finance and, when approved by the Cabinet, shall be presented to and voted on by Parliament; in respect of all supplementary expenditure so voted, the Minister responsible for finance may, at any time before the end of the financial year, introduce into Parliament a Supplementary Supply Bill containing, under appropriate heads, the estimated sums so voted and shall, as soon as possible after the end of each financial year, introduce into Parliament a Final Supply Bill containing any such sums which have not yet been included in any Supply Bill.
(2A) The Minister responsible for finance shall, in presenting to Parliament any supplementary estimates or statement of excess under clause (2), also present a statement stating whether the supplementary estimates or statement of excess, as the case may be, is likely to draw on the reserves which were not accumulated by the Government during its current term of office.
(3) The part of any estimates of expenditure presented to Parliament which shows statutory expenditure shall not be voted on by Parliament, and such expenditure shall, without further authority of Parliament, be paid out of the Consolidated Fund.
(4) For the purposes of this Article, “statutory expenditure” means expenditure charged on the Consolidated Fund or on the general revenues and assets of Singapore by virtue of Articles 18, 22J(3), 35(10), 41, 42(3), 108(1), 114, 148E and 148F(4) or by virtue of the provisions of any other law for the time being in force in Singapore.
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