A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position .
A ministry of finance's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".
The duties of a finance minister differ between countries. Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries:
The powers of a finance minister vary between governments. In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.
In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.
The Ministry of Finance is responsible for issues concerning central government finances, including coordination of the central government budget, forecasts and analyses, tax issues, and management and administration of central government activities. The Ministry is also responsible for matters concerning financial markets, consumer legislation, state-owned enterprises and digital policy.
The State General Accounting Department (Ragioneria Generale dello Stato - RGS) coordinates budget policies and oversees public finances. Its main institutional responsibility is to ensure the proper management and rigorous planning of public resources, and to audit state accounts by monitoring and analysing public spending trends. The RGS also oversees the financial management activities of public bodies.
Over the next few months, we should keep an eye on the political ministries that work closely with the president and are located in La Moneda. I think we will probably observe some tension between the political ministries and the finance ministry. This is a very important question as we enter economic discussions: Who will have more weight over these decisions? We have seen this before: It was very clear, for example, in the second government of President Bachelet, when Minister of Finance Rodrigo Valdés faced this tension, and then he resigned. That is one thing to watch: The relationship between Mario Marcel and the rest of the cabinet, especially the political ministries.
While the appointment of Mario Marcel as the finance minister is reassuring for markets and definitely a move in the right direction, there is some bad news in the composition of the cabinet as well. The cabinet is comprised of several independents and many people without much political experience. That will generate tensions and unforced errors when the government takes office in March. It is refreshing to have many new faces, but the absence of party militants and people with legislative and government experience will test the ability of the cabinet to tackle some pending and urgent problems right away.
The ministry consists of the Department of Treasury Board and Finance, together with Communications and Public Engagement, the Public Service Commission and 9 provincial agencies. The ministry also administers 9 regulated funds.
Ministry of Finance is concerned with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget. Users can access information related to the various departments of ministry such as department of economic affair, expenditure, revenue, financial services and disinvestments. Details related to act, rules, documents, reports, Minister of State (revenue), etc. are given. Information about direct taxes, indirect taxes, income tax settlement commission, banking and insurance, capital market, financial regulators, Financial Sector... Related Links Related Links Website of Union Budget and Economic Survey Share This
Get access to year-wise details of budget documents, budget highlights, budget speech, macro economic framework statement, medium term fiscal policy statement, fiscal policy strategy statement, statement of revenue foregone and implementation of budget announcements, etc. Users can also find the Economic Survey of the current and previous years. Downloadable budget speeches are also available. 041b061a72