Ministry of Finance (Thailand)

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
Formed 14 April 1875
Preceding agencies
  • Krom Phla Khlang
    (Ministry of Treasury)
  • Kromma Khlang
    (Department of Treasury)
Jurisdiction Government of Thailand
Headquarters Rama VI Road, Bangkok
Annual budget 199,174,066,600 baht (2016)
Ministers responsible
  • Mr Apisak Tantivorawong, Minister of Finance
  • Mr Wisudhi Srisuphan, Deputy Minister of Finance
Website www.mof.go.th

The Ministry of Finance (Thai: กระทรวงการคลัง; rtgs: Krasuang Kan Khlang; abbreviated as MOF) 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]

The head of the ministry is the Minister of Finance (Thai: รัฐมนตรีกระทรวงการคลัง). He is a member of the Cabinet of Thailand and therefore appointed by the King of Thailand at the advice of the prime minister. The Minister of Finance (2016) is Mr Apisak Tantivorawong.[2]

History

The ministry has existed in form since the 15th century during the Ayutthaya Kingdom. Then, the ministry was called the "Kromma Khlang" (Thai: กรมคลัง) and eventually upgraded to “Krom Phla Khlang” (Thai: กรมพระคลัง, sometimes written as "Berguelang" or "Barcelon" by foreign authors). The "Phla 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 (Thai: ศุลกสถาน) and the Royal 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 1873 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.[3]

Departments

Administration

Dependent departments

State enterprises[4]

See also

References

  1. ↑ http://www2.mof.go.th/government_agencies.htm
  2. ↑ "MR. APISAK TANTIVORAWONG". Ministry of Finance. Retrieved 15 April 2016.
  3. ↑ http://www2.mof.go.th/history.htm
  4. ↑ "State Enterprises". Ministry of Finance. Retrieved 10 June 2015.

External links

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