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 achiev ...

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

, 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 prim ...

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 i ...

. , 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. 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 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 European mainland, continental mainland. It comprises England, Scotlan ...

. 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 (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. 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 *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 *1929-1932: Praya Komankunramontri (Chern Komankun of Nakorn) *1932: Prince Suphayok Kasem *1932-1933: Praya Manopakorn Nititada *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 *1946: Praya Srivisaravaja (Tienlieng Huntakun) *1946:

*1946-1947: Vijitr Luritanon *1947-1948: Prince Vivadhanajaya *1948: Praya Tonavanikmontri (Visut Tonavanik) *1948-1949: Prince Vivadhanajaya *1949-1950: Plaek Phibunsongkhram *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 ...

*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 ambass ...

*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 *1976: 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 199 ...

*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 *2003-2004: Suchart Chaovisith *2003-2005: Somkid Jatusripitak *2005-2006:

*2006-2007: Pridiyathorn Devakula *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 *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 *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; 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 glo ...

, 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 Inte ...

, 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 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

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 b ...

Finance in Thailand 1873 establishments in Siam