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Ministry of Finance (Thailand)

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Kingdom of Thailand
Ministry of Finance
กระทรวงการคลัง
Krasuang Kan Khlang
"The Seal of the Bird of Paradise" used as the Ministry's seal.
Ministry overview
Formed14 April 1875; 149 years ago (1875-04-14)
Preceding agencies
  • Ministry of Treasury
  • Department of Treasury
JurisdictionGovernment of Thailand
HeadquartersPhaya Thai, Bangkok
Annual budget242,948M baht (FY2019)
Ministers responsible
Websitewww2.mof.go.th

The Ministry of Finance (Abrv: MOF; Template:Lang-th, RTGS: Krasuang Kan Khlang) is a cabinet ministry in the Government of Thailand.

Considered to be one of the country's most important ministries, the Ministry of Finance has many responsibilities over public finance, taxation, the treasury, government properties, operations of government monopolies, and revenue-generating enterprises. The ministry is also vested with the power to provide loan guarantees for the governmental agencies, financial institutions, and state enterprises.[1]

Management and budget

The head of the ministry is the Minister of Finance (Template:Lang-th). He is a member of the Cabinet of Thailand and therefore appointed by the King of Thailand on the advice of the prime minister. As of 2020, the Minister of Finance is Mr Apisak Tantivorawong.[2] The MOF permanent secretary is Prasong Poontaneat.[3]

The MOF was allocated 242,948 million baht in the FY2019 budget.[4]

History

The ministry has existed in form since the 15th century during the Ayutthaya Kingdom. Then, the ministry was called the "Kromma Khlang" (Template:Lang-th and eventually upgraded to “Krom Phra Khlang” (Template:Lang-th, sometimes written as "Berguelang" or "Barcelon" by foreign authors). The "Phra Khlang" or minister had wide-ranging powers include those of taxation, trade, monopolies, tributes, and even foreign affairs.

Most of these features were retained during the Rattanakosin era. In 1855 King Mongkut signed the Bowring Treaty with the United Kingdom. The treaty exposed Siam to modern trade and international commerce; the king was forced to set customs duty rate at no more than three percent; the country was at a disadvantage, but international trade grew. Soon the king was forced to set up a Customs House (Template:Lang-th and the Royal Thai Mint to deal with new challenges.

During the reign of King Chulalongkorn (Rama V), the ministry took its present shape. The king issued a royal decree in 1875 consolidating all powers and agencies under one ministry with a more focused portfolio. He appointed one of his uncles, Prince Maha Mala Pamrabporapat as its first minister. The ministry finally came into its own in 1933 via the Civil Service Reform Act of 1933. The Royal Treasury Ministry was then changed to the Ministry of Finance which now consists of 10 departments and 14 state enterprises.[5]

The MOF played a key role in the COVID-19 pandemic in Thailand as it was responsible for disbursing aid to needy citizens.[6]

Departments

Government agencies

  1. Office of the Secretary to the Minister (Template:Lang-th)[7]
  2. Office of the Permanent Secretary (Template:Lang-th)
  3. The Revenue Department (Template:Lang-th): During the reign of King Rama V, the Revenue Department was organised as two separate departments: the External Revenue Department and the Internal Revenue Department. The External Revenue Department was responsible for the collection of taxes and duties outside Bangkok and was under the Royal Treasury Ministry, today's Ministry of Finance. Due to personnel shortages, district and sub-district chief officers were assigned to collect taxes and duties, and the department was subsequently brought under the Ministry of Interior. The Internal Revenue Department was responsible for the collection of taxes and duties within greater Bangkok (including areas in Pathum Thani, Nonthaburi, and Samut Prakan and was under the Ministry of Metropolis. This department was established following the advice of Mr W. A. Graham who was the Ministry of Metropolis's comptroller at the time. The two departments were finally combined and named the Revenue Department. It was established on 2 September 1915.[citation needed] The Revenue Department collects, administers, and develops six types of taxes: personal income tax; corporate income tax; value added tax; specific business tax; stamp duties; and petroleum income tax. These taxes combined account for more than 80 percent of total government revenue. The department operates 12 regional revenue offices, 119 area revenue offices, and 850 area revenue branch offices throughout the country as well as 14 bureaus at its headquarters. The department collaborates with international organizations including the International Monetary Fund, the World Bank, and the fr:International Bureau of Fiscal Documentation to ensure international best practices for tax administration and policies.[citation needed]
  4. The Fiscal Policy Office (Template:Lang-th)
  5. The Treasury Department (Template:Lang-th)
  6. The Comptroller General Department (Template:Lang-th)
  7. The Customs Department (Template:Lang-th)
  8. The Excise Department (Template:Lang-th)
  9. The Public Debt Management Office (Template:Lang-th)
  10. The State Enterprise Policy Office (SEPO) (Template:Lang-th)

State enterprises[8][9]

Main article: List of state enterprises of Thailand
  1. The Government Lottery Office
  2. Tobacco Authority of Thailand
  3. Government Savings Bank
  4. GH Bank
  5. Krung Thai Bank Public Company Limited
  6. Bank for Agriculture and Agricultural Co-operatives
  7. Liquor Distillery Organization (Excise Department)
  8. Playing Cards Factory (Excise Department)
  9. Export-Import Bank of Thailand
  10. Small Business Credit Guarantee Corporation (SBCG)
  11. Secondary Mortgage Corporation
  12. Small and Medium Enterprise Development Bank of Thailand (SME Bank)
  13. Student Loan Fund
  14. Dhanarak Asset Development Company Limited

Public organizations

  1. Neighbouring Countries Economic Development Cooperation Agency (NEDA)[10]

See also

References

  1. ^ "Organization Info". Ministry of Finance Thailand. Retrieved 2 May 2020.
  2. ^ Hengstler, Gary (Spring 2018). "Becoming the Fixer". The Tennessee Alumnus. Retrieved 2 May 2020.
  3. ^ "Ministry of Finance's Top Executives". Ministry of Finance (MoF). 22 June 2018. Retrieved 27 June 2018.
  4. ^ Thailand's Budget in Brief Fiscal Year 2019. Bureau of the Budget. 20 December 2018. p. 84. Retrieved 1 May 2020.
  5. ^ http://www2.mof.go.th/history.htm
  6. ^ Chantanusornsiri, Wichit (2 May 2020). "B5,000 cheats media hungry, official claims". Bangkok Post. Retrieved 2 May 2020.
  7. ^ "Organization Info". Ministry of Finance (MoF). Retrieved 27 June 2018.
  8. ^ "History of Thailand's Ministry of Finance; State Enterprises". Ministry of Finance (MoF). Retrieved 27 June 2018.
  9. ^ "Organization; State Enterprises". Ministry of Finance (MoF). Retrieved 27 June 2018.
  10. ^ http://www.naewna.com/politic/columnist/32998
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