Ministry of Finance (Thailand)
Encyclopedia
The Ministry of Finance of the Kingdom of Thailand ' onMouseout='HidePop("90584")' href="/topics/Abbreviation">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. The head of the Ministry is the Minister of Finance ' onMouseout='HidePop("85557")' href="/topics/Prime_Minister_of_Thailand">Prime Minister
. Since 9 August 2011, the portfolio has been headed by Minister Thirachai Phuvanatnaranubala
, succeeding Korn Chatikavanij
. He has two deputy ministers.
. Then the Ministry was called the "Krom Klang" ( and eventually upgraded to “Krom Phla Klang” ( 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" ( 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.
Abbreviation
An abbreviation is a shortened form of a word or phrase. Usually, but not always, it consists of a letter or group of letters taken from the word or phrase...
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
Public finance
Public finance is the revenue and expenditure of public authoritiesThe purview of public finance is considered to be threefold: governmental effects on efficient allocation of resources, distribution of income, and macroeconomic stabilization.-Overview:The proper role of government provides a...
, 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. The head of the Ministry is the Minister of Finance ' onMouseout='HidePop("85557")' href="/topics/Prime_Minister_of_Thailand">Prime Minister
Prime Minister of Thailand
The Prime Minister of Thailand is the head of government of Thailand. The Prime Minister is also the chairman of the Cabinet of Thailand. The post has existed since the Revolution of 1932, when the country became a constitutional monarchy....
. Since 9 August 2011, the portfolio has been headed by Minister Thirachai Phuvanatnaranubala
Thirachai Phuvanatnaranubala
Thirachai Phuvanatnaranubala is a Thai economist and politician. From 2003 to 2011 he was the Secretary-General of the Securities and Exchange Commission of Thailand and Chairman of the ASEAN Capital Markets Forum...
, succeeding Korn Chatikavanij
Korn Chatikavanij
Korn Chatikavanij is a Thai Democrat Party politician and former investment banker. He was Finance Minister under Abhisit Vejjajiva.-Early life:...
. He has two deputy ministers.
History
The Ministry has existed in form since the 15th Century during the Ayutthaya KingdomAyutthaya kingdom
Ayutthaya was a Siamese kingdom that existed from 1350 to 1767. Ayutthaya was friendly towards foreign traders, including the Chinese, Vietnamese , Indians, Japanese and Persians, and later the Portuguese, Spanish, Dutch and French, permitting them to set up villages outside the walls of the...
. Then the Ministry was called the "Krom Klang" ( and eventually upgraded to “Krom Phla Klang” ( 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
Mongkut
Phra Bat Somdet Phra Poramenthramaha Mongkut Phra Chom Klao Chao Yu Hua , or Rama IV, known in foreign countries as King Mongkut , was the fourth monarch of Siam under the House of Chakri, ruling from 1851-1868...
signed the Bowring Treaty
Bowring Treaty
The Bowring Treaty is the name given to an agreement signed on April 18, 1855 between the United Kingdom and the Kingdom of Siam that liberalized foreign trade in Siam....
with the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. 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" ( and the Royal Mint to deal with new challenges.
During the reign of King Chulalongkorn
Chulalongkorn
Phra Bat Somdet Phra Poramintharamaha Chulalongkorn Phra Chunla Chom Klao Chao Yu Hua , or Rama V was the fifth monarch of Siam under the House of Chakri. He was known to the Siamese of his time as Phra Phuttha Chao Luang . He is considered one of the greatest kings of Siam...
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.
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 BankKrung Thai BankKrung Thai Bank Public Company Limited is the state-owned bank under the license issued by the Ministry of Finance.- History :The bank was incorporated on March 14, 1966 through the merger of Agriculture Bank Limited and Mondhon Bank Limited, which the government was their major shareholder...
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 ThailandEconomy of ThailandThe economy of Thailand is a newly industrialized economy. It is a heavily export-dependent economy, with exports accounting for more than two thirds of gross domestic product ....
- Thailand Customs
- Thai BahtThai bahtThe baht is the currency of Thailand. It is subdivided into 100 satang . The issuance of currency is the responsibility of the Bank of Thailand.-History:The baht, like the pound, originated from a traditional unit of mass...
- Bank of ThailandBank of Thailand- History :The Bank of Thailand was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 vesting upon the Bank of Thailand the responsibility for all central banking functions...
- Stock Exchange of ThailandStock Exchange of ThailandThe Stock Exchange of Thailand is the national stock exchange of Thailand. It is located in Bangkok. As of 31 December 2007, the Stock Exchange of Thailand had 541 listed companies with a combined market capitalization of $280 billion. The indices of the stock exchange are SET Index, SET50 Index...
- Cabinet of Thailand
- List of Government Ministers of Thailand
- Government of Thailand
- Taxation in Thailand
External links
- Ministry of Finance - Official Website in Thai
- Ministry of Finance - Official Website in English