Ministry of Finance (Thailand)

Kingdom of Thailand Ministry of Finance
กระทรวงการคลัง
Ministry overview
Formed	1873
Jurisdiction	Government of Thailand
Headquarters	Rama VI Road, Bangkok
Annual budget	168,501,828,300 Baht (2011)
Minister responsible	Thirachai Phuvanatnaranubala, Minister of Finance
Ministry executive	Sathit Limpongpan, Permanent Secretary of the Ministry
Website
www.mof.go.th

The Ministry of Finance of the Kingdom of Thailand (Thai: กระทรวงการคลัง; RTGS: Krasuang Kan Khlang; Abrv: MOF) is a Cabinet Ministry in the Government of Thailand. It is considered to be one of the country's most important Ministry. The Ministry of Finance has many responsibilities: over public finance, taxation, the treasury, Government properties, operations of Government monopolies, revenue- generating enterprises (which the Government has contractual obligations). The Ministry is also vested with the power to provide loan guarantees for the Government agencies, financial institutions, and state enterprises.^[1] The head of the Ministry is the Minister of Finance (Thai: รัฐมนตรีกระทรวงการคลัง), assisted by at least two Deputy Minister. They are also member of the Cabinet of Thailand and therefore appointed by the King of Thailand at the advice of the Prime Minister. Since 9 August 2011, the portfolio has been headed by Minister Thirachai Phuvanatnaranubala, succeeding Korn Chatikavanij. He has two deputy ministers.

History

The Ministry has existed in form since the 15th Century during the Ayutthaya Kingdom. Then the Ministry was called the "Krom Klang" (Thai: กรมคลัง) and eventually upgraded to “Krom Phla Klang” (Thai: กรมพระคลัง) sometimes written as "Berguelang" or "Barcelon" by foreign authors. The "Phla Klang" 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" (Thai: ศุลกสถาน) and the Royal Mint to deal with new challenges.

During the reign of King Chulalongkorn the Ministry took its present shape. The King issued a Royal Decree in 1873 consolidating all powers and agencies under one Ministry with a more focused portfolio. He appointed one of his uncle Prince Maha Mala Pamrabporapat as its first Minister. The Ministry finally came into its own in 1933 by 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.^[2]

Department

Administration

• Office of the Minister
• Office of the Permanent Secretary

Dependent Department

• The Fiscal Policy Office
• The Treasury Department
• The Comptroller General Department
• The Customs Department
• The Excise Department
• The Revenue Department
• The Public Debt Management Office
• The State Enterprise Policy Office

State Enterprises

• The Government Lottery Office
• Thailand Tobacco Monopoly
• Government Saving Bank
• Government Housing Bank
• Krung Thai Bank Public Company Limited
• Bank for Agriculture and Agricultural Cooperatives
• Liquor Distillery Organization (Excise Department)
• Playing Cards Factory (Excise Department)
• Export-Import Bank of Thailand
• Small Business Credit Guarantee Corporation
• Secondary Mortgage Corporation
• Small and Medium Enterprise Development Bangk of Thailand
• Student Loan Fund
• Dhanarak Asset Development Company Limited

See also

• Economy of Thailand
• Thailand Customs
• Thai Baht
• Bank of Thailand
• Stock Exchange of Thailand
• Cabinet of Thailand
• List of Government Ministers of Thailand
• Government of Thailand
• Taxation in Thailand

References

1. ^ http://www2.mof.go.th/government_agencies.htm
2. ^ http://www2.mof.go.th/history.htm

• [1]

External links

• Ministry of Finance - Official Website in Thai
• Ministry of Finance - Official Website in English