The Ministry of Finance (Abrv: MOF; , ) is a cabinet ministry in the Government of Thailand.
Considered one of the country's most important ministries, the Ministry of Finance has numerous responsibilities over public finance, taxation, the treasury, government properties, the operations of government monopolies, and revenue-generating enterprises. The ministry is also vested with the power to provide loan guarantees for governmental agencies, financial institutions, and state enterprises.
Management and budget The head of the ministry is the Minister of Finance (). He is a member of the Cabinet of Thailand and is therefore appointed by the King of Thailand on the advice of the Prime Minister. , the Minister of Finance is Mr Apisak Tantivorawong. The MOF permanent secretary is Prasong Poontaneat.
The MOF was allocated 242,948 million baht in the FY2019 budget.
History The ministry has existed in its current form since the 15th century during the Ayutthaya Kingdom. Then, the ministry was called the "Kromma Khlang" (Thai: กรมคลัง, Literally: Finance Department), finally upgraded to “Krom Phra Khlang” (, sometimes written as "Berguelang" or "Barcelon" by foreign authors). The "Phra Khlang" or minister responsible had wide-ranging powers, including those related to 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 compelled to set customs duty rates at no more than three percent; although the country was at a disadvantage, international trade grew, nonetheless. Soon, the king was forced to establish a Customs House ( and the Royal Thai Mint to address new challenges.
During the reign of King Chulalongkorn (Rama V), the ministry took its present form. 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, as the first Minister of Finance. The ministry formally came into its own in 1933 with the Civil Service Reform Act of 1933. The Royal Treasury Ministry was subsequently renamed to the Ministry of Finance, which now comprises 10 departments and 14 state-owned enterprises.
The MOF played a key role in the COVID-19 pandemic in Thailand 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 1892–1894: Prince Narisara Nuwattiwong 1894–1896: Prince Srisiddhi Thongjaya 1896–1906: Prince Jayanta Mongkol 1906–1907: Praya (Koed Bunnag) 1907: Prince Kitiyakara Voralaksana 1908–1922: Prince Kitiyakara Voralaksana 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 1941–1944: Pao Pienlert Boripanyutakit 1944–1945: Khuang Aphaiwong 1945: Leng Srisomwong 1945–1946: Direk Jayanama 1946: Praya Srivisaravaja (Tienlieng Huntakun) 1946: Pridi Banomyong 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 1951–1953: Pao Pienlert Boripanyutakit 1953: Varakarnbanch (Boonkert Sutantanon) 1953: Pote Sarasin 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 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 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 1997: Thanong Bidaya 1997–2001: Tarrin Nimmanahaeminda 2001–2003: Somkid Jatusripitak 2003–2004: Suchart Chaovisith 2003–2005: Somkid Jatusripitak 2005–2006: Thanong Bidaya 2006–2007: Pridiyathorn Devakula 2007–2008: Chalongphob Sussangkarn 2008: Surapong Suebwonglee 2008: Suchart Thada-Thamrongvech 2008–2011: Korn Chatikavanij 2011–2012: Thirachai Phuvanatnaranubala 2012–2014: Kittiratt Na-Ranong 2014–2015: Sommai Phasee 2015–2019: Apisak Tantivorawong 2019–2020: Uttama Savanayana 2020: Predee Daochai 2020–2023: Arkhom Termpittayapaisith 2023–2024: Srettha Thavisin 2024–2025 Pichai Chunhavajira 2025–Present Ekniti Nitithanprapas
Departments Government agencies Office of the Secretary to the Minister () Office of the Permanent Secretary () The Revenue Department (): 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 collecting taxes and duties outside Bangkok and was under the Royal Treasury Ministry, which is now the 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. The Internal Revenue Department was responsible for the collection of taxes and duties within greater Bangkok (including areas in Pathum Thani, Nonthaburi, 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 comptroller of the Ministry of Metropolis 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 World Bank, and the , to ensure international best practices for tax administration and policies. The Fiscal Policy Office () The Treasury Department () The Comptroller General Department () The Customs Department () The Excise Department () The Public Debt Management Office () The State Enterprise Policy Office (SEPO) ()
State enterprises
Sources:
The Government Lottery Office Tobacco Authority of Thailand Government Savings Bank GH Bank Krung Thai Bank Public Company Limited Bank for Agriculture and Agricultural Co-operatives 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)
See also Economy of Thailand Thai baht Thai lottery Bank of Thailand Stock Exchange of Thailand Cabinet of Thailand List of government ministries of Thailand Government of Thailand
References
External links Official Webpage