The Ministry of Finance ( Abrv: MOF; th, กระทรวงการคลัง, ) is a cabinet ministry in the

Government of Thailand The Government of Thailand, or formally the Royal Thai Government ( Abrv: RTG; th, รัฐบาลไทย, , ), is the unitary government of the Kingdom of Thailand. The country emerged as a modern nation state after the foundation of ...

. Considered to be one of the country's most important ministries, the Ministry of Finance has many responsibilities over

public finance Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achie ...

taxation A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regiona ...

, 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.

Management and budget

The head of the ministry is the Minister of Finance ( th, รัฐมนตรีกระทรวงการคลัง). He is a member of the

Cabinet of Thailand The cabinet of Thailand or, formally, the Council of Ministers of Thailand ( th, คณะรัฐมนตรี; is a body composed of thirty-five of the most senior members of the government of the Kingdom of Thailand. The cabinet is the pri ...

and therefore appointed by the

King of Thailand The monarchy of Thailand (whose monarch is referred to as the king of Thailand; th, พระมหากษัตริย์ไทย, or historically, king of Siam; th, พระมหากษัตริย์สยาม) refers to the c ...

on the advice of the

prime minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is not ...

. , the Minister of Finance is Mr Apisak Tantivorawong. The MOF permanent secretary is Prasong Poontaneat. The MOF was allocated 242,948 million

baht The baht (; th, บาท, ; sign: ฿; code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). The issuance of currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th-m ...

in the FY2019 budget.

History

The ministry has existed in form since the 15th century during the

Ayutthaya Kingdom The Ayutthaya Kingdom (; th, อยุธยา, , IAST: or , ) was a Siamese kingdom that existed in Southeast Asia from 1351 to 1767, centered around the city of Ayutthaya, in Siam, or present-day Thailand. The Ayutthaya Kingdom is conside ...

. Then, the ministry was called the "Kromma Khlang" ( th, กรมคลัง) and eventually upgraded to “Krom Phra Khlang” ( th, กรมพระคลัง, 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 Mongkut ( th, มงกุฏ; 18 October 18041 October 1868) was the fourth monarch of Siam (Thailand) under the House of Chakri, titled Rama IV. He ruled from 1851 to 1868. His full title in Thai was ''Phra Bat Somdet Phra Menthora Ramathibod ...

signed the

Bowring Treaty The Bowring Treaty was a treaty signed between the British Empire and the Kingdom of Siam on 18 April 1855. The treaty had the primary effect of liberalizing foreign trade in Siam, and was signed by five Siamese plenipotentiaries (among them Wo ...

with the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

. 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 A custom house or customs house was traditionally a building housing the offices for a jurisdictional government whose officials oversaw the functions associated with importing and exporting goods into and out of a country, such as collecting ...

( th, ศุลกสถาน) and the

Royal Thai Mint The Bureau of Royal Thai Mint, ( th, สำนักกษาปณ์), is situated in Pathum Thani, Thailand. It is a sub-division of the Treasury Department, Ministry of Finance. History The first mint was established in 1860, inside the G ...

to deal with new challenges. During the reign of King

Chulalongkorn Chulalongkorn ( th, จุฬาลงกรณ์, 20 September 1853 – 23 October 1910) was the fifth monarch of Siam under the House of Chakri, titled Rama V. He was known to the Siamese of his time as ''Phra Phuttha Chao Luang'' (พร� ...

(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 Maha and MAHA may refer to: * Maha (name), an Arabic feminine given name * ''Maha'' (film), a Tamil thriller film * MaHa, Nepali comedy duo, Madan Krishna Shrestha and Hari Bansha Acharya * Maha Music Festival, an annual music festival held on th ...

as its first minister. The ministry finally came into its own in 1933 via the

Civil Service Reform Act of 1933 Civil may refer to: * Civic virtue, or civility *Civil action, or lawsuit * Civil affairs *Civil and political rights * Civil disobedience *Civil engineering * Civil (journalism), a platform for independent journalism *Civilian, someone not a m ...

. The Royal Treasury Ministry was then changed to the Ministry of Finance which now consists of 10 departments and 14 state enterprises. The MOF played a key role in the

COVID-19 pandemic in Thailand The COVID-19 pandemic in Thailand is part of the worldwide pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). Thailand was the first country to report a case outside China, on 13 January ...

as it was responsible for disbursing aid to needy citizens.

List of ministers

This is a list of Ministers of Finance of Thailand: *1873-1886: Prince Mahamala *1886-1892: Prince

Chaturonrasmi Prince Chaturonrasmi, the Prince Chakkrabatradipongse ( th, สมเด็จพระเจ้าบรมวงศ์เธอ เจ้าฟ้าจาตุรนต์รัศมี กรมพระจักรพรรดิพงศ ...

*1892-1894: Prince

Narisara Nuwattiwong Prince Chitcharoen, the Prince Narisara Nuwattiwong ( th, นริศรานุวัดติวงศ์ ; 28 April 1863 – 10 March 1947), Prince Naris for short, né Chitcharoen (), was a member of the royal family of Siam (now Thailand), ...

*1894-1896: Prince Srisiddhi Thongjaya *1896-1906: Prince

Jayanta Mongkol Jayanta Mongkol, the Prince Mahisara Rajaharudaya ( th, พระองค์เจ้าไชยันตมงคล กรมหมื่นมหิศรราชหฤทัย; ; 30 January 1866 – 15 April 1907) was a son of King Mongku ...

*1906-1907: Praya (Koed Bunnag) *1907: Prince

Kitiyakara Voralaksana Kitiyakara Voralaksana, 1st Prince of Chanthaburi ( th, กิติยากรวรลักษณ์; ; 8 June 1874 – 27 May 1931) was a Prince of Siam, a member of the Siamese Royal Family (later Thailand). He originated the House of Kitiy ...

*1908-1922: Prince

*1922-1929: Prince

Suphayok Kasem His Highness Prince Suphayok Kasem (พระวรวงศ์เธอ พระองค์เจ้าศุภโยคเกษม) (29 August 1872 – 1932), formerly known as: Mom Chao Nen Kashemsri (หม่อมเจ้าเณร เ ...

*1929-1932: Praya Komankunramontri (Chern Komankun of Nakorn) *1932: Prince

*1932-1933: Praya

Manopakorn Nititada Phraya Manopakorn Nitithada ( th, พระยามโนปกรณ์นิติธาดา; ; born Kon Hutasingha ( th, ก้อน หุตะสิงห์; ); 15 July 1884 – 1 October 1948) was the first Prime Minister of Siam ...

*1933-1934: Choapraya Srithammathibet (Jit Srithammathibet of Songkra) *1934-1935: Praya Manavarahchasevi (Prot Vichien of Songkra) *1935-1936: Praya Phahonphonphayuhasena *1936-1938: Praya Chaiyotsombat (Serm Kritsanamara) *1938-1941:

Pridi Banomyong Pridi Banomyong ( th, ปรีดี พนมยงค์, , ; 11 May 1900 – 2 May 1983), also known by his noble title Luang Praditmanutham ( th, หลวงประดิษฐ์มนูธรรม) was a Thai politician and professo ...

*1941-1944: Pao Pienlert Boripanyutakit *1944-1945:

Khuang Aphaiwong Khuang Aphaiwong (also spelled ''Kuang'', ''Abhaiwong'', or ''Abhaiwongse''; th, ควง อภัยวงศ์, ; 17 May 1902 – 15 March 1968), also known by his noble title Luang Kowit-aphaiwong ( th, หลวงโกวิทอ� ...

*1945: Leng Srisomwong *1945-1946:

Direk Jayanama Direk Jayanama (, ; January 18, 1905 – May 1, 1967) was a Thai diplomat and politician. He was one of the civilian Promoters of the Siamese Revolution of 1932 that changed the country's form of government from absolute to constitutional mo ...

*1946: Praya Srivisaravaja (Tienlieng Huntakun) *1946:

*1946-1947: Vijitr Luritanon *1947-1948: Prince

Vivadhanajaya , image= File:Mom Chao Vivadhanajaya Jayanta.jpg , caption = Prince Vivadhanajaya in 1940 , spouse = , issue = 3 , royal house = , father = Jayanta Mongkol, the Prince Mahisara Rajaharudaya , moth ...

*1948: Praya Tonavanikmontri (Visut Tonavanik) *1948-1949: Prince

*1949-1950:

Plaek Phibunsongkhram Field Marshal Plaek Phibunsongkhram ( th, แปลก พิบูลสงคราม ; alternatively transcribed as ''Pibulsongkram'' or ''Pibulsonggram''; 14 July 1897 – 11 June 1964), locally known as Marshal P. ( th, จอมพล � ...

*1950-1951: Pramanupanavimonsart (Chom Jamornman) *1951:

Luang Wichitwathakan Major-General Luang Wichitwathakan (also known as just Wichit Wichitwathakan) (Thai หลวงวิจิตรวาทการ, วิจิตร วิจิตรวาทการ; Chinese 金良) (11 August 189831 March 1962) was a T ...

*1951-1953: Pao Pienlert Boripanyutakit *1953: Varakarnbanch (Boonkert Sutantanon) *1953:

Pote Sarasin Pote Sarasin ( th, พจน์ สารสิน, , ; 25 March 1905 – 28 September 2000) was the 9th Prime Minister of Thailand from the influential Sarasin family. He served as foreign minister from 1949 to 1950 and then served as ambassad ...

*1955: Chort Kunakasem *1957-1958: Serm Vinicchayakul *1959-1965: Sunthorn Hongladarom *1965-1973: Serm Vinicchayakul *1973-1974: Boonma Wongsawan *1974-1975: Sommai Huntakul *1975: Savetr Piempongsan *1975-1976:

Boonchu Rojanasathien Boonchu Rojanastien ( th, บุญชู โรจนเสถียร; , Chinese language, Chinese: 黃聞波, Huang Wenbo born January 20, 1921, Chon Buri Province, Thailand, died March 19, 2007, Bangkok)Savetr Piempongsan *1976-1979: Supat Suthatham *1979-1980:

Kriangsak Chamanan Kriangsak Chamanan ( th, เกรียงศักดิ์ ชมะนันทน์, ; 17 December 191723 December 2003) served as prime minister of Thailand from 1977 to 1980. After staging a successful coup, he was asked to become Prime ...

*1980: Sommai Huntakul *1980-1981: Amnuay Veeravan *1981-1986: Sommai Huntakul *1986-1988: Suthee Singhasaneh *1988-1990: Pramuan Saphawasu *1990: Veerapong Ramangkul *1990-1991:

Banharn Silpa-Archa Banharn Silpa-archa (also spelled ''Banhan'', ''Silapa''-, ''Sinlapa''-, -''acha''; th, บรรหาร ศิลปอาชา, , ; ; 19 August 1932 – 23 April 2016) was a Thai politician. He was the Prime Minister of Thailand from 1995 ...

*1991-1992: Suthee Singhasaneh *1992: Panat Simasathien *1992-1995: Tarrin Nimmanahaeminda *1995-1996: Surakiart Sathirathai *1996: Bodee Junnanon *1996: Chaiwat Wiboonsawat *1996-1997: Amnuay Veeravan *1997:

Kosit Panpiemras Kosit Panpiemras (28 May 1943 – 1 June 2016) was a Thai businessman and politician. He was chairman of Bangkok Bank, a leading Thailand, Thai commercial bank, between 1999 and 2016. Following the 2006 Thailand coup, he was appointed advisor to ...

*1997:

Thanong Bidaya Thanong Bidaya ( th, ทนง พิทยะ; ), born Thanong Lamyai (ทนง ลำใย), is a Thai politician and deposed finance minister. After the military overthrew the government of Thaksin Shinawatra, he remained in Singapore wher ...

*1997-2001: Tarrin Nimmanahaeminda *2001-2003:

Somkid Jatusripitak Somkid Jatusripitak ( th, สมคิด จาตุศรีพิทักษ์, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and ta ...

*2003-2004: Suchart Chaovisith *2003-2005:

*2005-2006:

*2006-2007:

Pridiyathorn Devakula Mom Rajawongse Pridiyathorn Devakula ( th, ม.ร.ว.ปรีดิยาธร เทวกุล; ; ; born 15 July 1947) is a Thai economist. He was the Governor of the Bank of Thailand from 2001 to 2006. Following the 2006 Thai coup d'éta ...

*2007-2008:

Chalongphob Sussangkarn Chalongphob Sussangkarn ( th, ฉลองภพ สุสังกร์กาญจน์, , born 1950) is a Thai economist. He was the President of the Thailand Development Research Institute and later served as Minister of Finance in Surayud ...

*2008: Surapong Suebwonglee *2008:

Suchart Thada-Thamrongvech Suchart Thada-Thamrongvech ( th, สุชาติ ธาดาธำรงเวช; ; born 8 August 1952) is a Thai politician and professor. He served Ministry of Finance (Thailand), Minister of Finance under Samak Sundaravej and Somchai Won ...

*2008-2011:

Korn Chatikavanij Korn Chatikavanij ( th, กรณ์ จาติกวณิช, , born 19 February 1964 in London) is a Thai Democrat Party politician, best selling author, and former investment banker. From 2008 to 2011, he was finance minister under Abhisit ...

*2011-2012: Thirachai Phuvanatnaranubala *2012-2014:

Kittiratt Na-Ranong Kittiratt Na-Ranong ( th, กิตติรัตน์ ณ ระนอง; ; born 3 August 1958) is a Thai manager and politician. He was a Deputy Prime Minister in Yingluck Shinawatra's cabinet. Additionally, he led the Ministry of Commerce un ...

*2014-2015: Sommai Phasee *2015-2019: Apisak Tantivorawong *2019-2020: Uttama Savanayana *2020:

Predee Daochai Predee Daochai (born 9 September 1958) is a Thai financial lawyer and executive. He served as Ministry of Finance (Thailand), Minister of Finance for 26 days in the Second Prayut cabinet, second cabinet of Prime Minister Prayut Chan-o-cha. Early ...

*2020 - present:

Arkhom Termpittayapaisith Arkhom Termpittayapaisith ( th, อาคม เติมพิทยาไพสิฐ; born 25 July 1956) is a Thai civil servant and politician who served as Minister of Transport in the Cabinet of Thailand from 19 August 2015 to 10 July 2019 ...

Departments

Government agencies

#Office of the Secretary to the Minister ( th, สำนักงานรัฐมนตรี) #Office of the Permanent Secretary ( th, สำนักงานปลัดกระทรวงการคลัง) #The Revenue Department ( th, กรมสรรพากร): 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 An interior ministry (sometimes called a ministry of internal affairs or ministry of home affairs) is a government department that is responsible for internal affairs. Lists of current ministries of internal affairs Named "ministry" * Ministry ...

. The Internal Revenue Department was responsible for the collection of taxes and duties within greater Bangkok (including areas in

Pathum Thani Pathum Thani ( th, ปทุมธานี, ) is a town (''thesaban mueang'') in central Thailand, directly north of Bangkok. It is the capital of the Pathum Thani province, Thailand as well as the Mueang Pathum Thani district. As of 2005, it ha ...

Nonthaburi Nonthaburi ( th, นนทบุรี, ) is the principal city of the district and province of the same name in Thailand. On 15 February 1936, Nonthaburi town municipality (''thesaban mueang'') was established, which only covered Suan Yai ...

, 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. The Revenue Department collects, administers, and develops six types of taxes: personal income tax; corporate income tax;

value added tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end ...

; 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 International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

, the

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...

, and the to ensure international best practices for tax administration and policies. # The Fiscal Policy Office ( th, สำนักงานเศรษฐกิจการคลัง) # The Treasury Department ( th, กรมธนารักษ์) # The Comptroller General Department ( th, กรมบัญชีกลาง) # The Customs Department ( th, กรมศุลกากร) # The Excise Department ( th, กรมสรรพสามิต) # The Public Debt Management Office ( th, สำนักงานบริหารหนี้สาธารณะ) # The State Enterprise Policy Office (SEPO) ( th, สำนักงานคณะกรรมการนโยบายรัฐวิสาหกิจ)

State enterprises

# The Government Lottery Office #

Tobacco Authority of Thailand The Tobacco Authority of Thailand ( th, การยาสูบแห่งประเทศไทย; ) (TOAT), is a Thai state enterprise and the sole legal entity permitted to produce tobacco products in the country, mostly cigarettes. It wa ...

# Government Savings Bank #

GH Bank GH Bank or Government Housing Bank ( th, ธนาคารอาคารสงเคราะห์; , Thai initialism ธอส. ''tho-oso'') is a state enterprise reporting to the Thai Finance Ministry. Founded in 1953, its mission is to ext ...

Krung Thai Bank Krungthai Bank ( th, ธนาคารกรุงไทย; ), officially Krungthai Bank Public Company Limited, and sometimes known by its initials KTB, is a state-owned bank under license issued by the Ministry of Finance (Thailand), Ministry ...

Public Company Limited #

Bank for Agriculture and Agricultural Co-operatives The Bank for Agriculture and Agricultural Cooperatives (BAAC) ( th, ธนาคารเพื่อการเกษตรและสหกรณ์การเกษตร (ธ.ก.ส.)) was established in 1966. The bank is 99.79 percent ...

# Liquor Distillery Organization (Excise Department) # Playing Cards Factory (Excise Department) # Export-Import Bank of Thailand # Small Business Credit Guarantee Corporation (SBCG) # Secondary Mortgage Corporation # Small and Medium Enterprise Development Bank of Thailand (SME Bank) # Student Loan Fund # Dhanarak Asset Development Company Limited

Public organizations

#Neighbouring Countries Economic Development Cooperation Agency (NEDA)

External links

Official Webpage

References

{{authority control

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

Thailand Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is bo ...

Finance in Thailand 1873 establishments in Siam