Ministry of Finance (Thailand)

The Ministry of Finance of the Kingdom of Thailand ( Thai กระทรวง การคลัง, RTGS: Krasuang Kan Khlang, English Ministry of Finance, MOF) is a ministry with cabinet rank in the government of Thailand.

General

The Thai Ministry of Finance is also responsible for

  • Public finances,
  • The taxation of the citizens of the country,
  • The Treasury,
  • The government property,
  • The Shares in companies
  • The business processes of the public administration under standing monopolies (eg the tobacco industry ).

Also, the Ministry of Finance may grant loan guarantees for government agencies, public financial institutions and state-owned enterprises.

The Ministry of Finance is faced with the Minister of Finance ( Thai รัฐมนตรี กระทรวง การคลัง, Ratthamontri wakan Krasuang Kankhlang ), subject to the at least two deputy ministers. They are also members of the cabinet and therefore are appointed by the King of Thailand to the proposal of the Prime Minister.

Incumbent is since January 2012, the non-party Kittiratt Na - Ranong.

History

The beginnings of the Thai Ministry of Finance is the establishment of the Krom Khlang ( กรม คลัง ) in the Kingdom of Ayutthaya, later Krom Phra Khlang ( กรม พระ คลัง ) back. The means and the respective incumbents were of western reporters usually called Phraklang or verballhornt to Berguelang and Barcelon. The Phraklang had far-reaching powers in the fields of taxation and duties, trade, state monopolies and even in foreign relations, which at that time were virtually exclusively to the overseas trade and the derived profit.

During the Rattanakosin era, most powers remained. 1855 King Rama IV sealed ( Mongkut ) the Siamese -British trade treaty with John Bowring, so often called in the West Bowring Treaty. This Treaty was mainly British trading interests; the duties were limited to a maximum of three percent. The king had to create a customs authority and set up the royal mint, to meet the new challenges.

Its present form was given the Ministry of Finance under King Rama V ( Chulalongkorn ), 1873 signed a decree, that the Royal Treasury all the powers and the necessary facilities allotted to fulfill their duty to. As a first Finance Minister he appointed his uncle, Prince Mara Pamrabporapat. 1933, the Ministry was renamed as part of the reform law for the public service in Siam in the Ministry of Finance and today consists of 10 departments and 14 state-owned enterprises.

Organizational structure of the Thai Ministry of Finance

Management

  • Office of the Minister
  • Office of the Secretary of State

Departments

  • Office of tax legislation
  • Department of the Treasury
  • Head of Accounting
  • Customs Department
  • Department of monopoly taxes ( excise duty )
  • Revenue Department
  • Office for public debt management
  • Office for the management of state-owned enterprises

State-owned enterprises

  • Office of the State Lottery
  • Thailand Tobacco Monopoly
  • Government Saving Bank
  • Government Housing Bank
  • Bank for Agriculture and Agricultural Cooperatives
  • Liquor Distillery Organization ( Excise Department)
  • Playing Cards Factory ( Excise Department)
  • Export-Import Bank of Thailand
  • Secondary Mortgage Corporation
  • Small and Medium Enterprise Development Bank of Thailand
  • Student Loan Fund
  • Dhanarak Asset Development Company Limited

Private companies with the Ministry of Finance as the major shareholder

  • MCOT ( 65.8 %) - channel 3, Moder Nine TV
  • Thai Airways International ( 51.0 %)
  • TMB Bank ( 26.1%)
  • Krung Thai Bank ( 55.1 % held by the Development Fund for financial institutions )

Institutions under the supervision of the Ministry of Finance

  • Bank of Thailand ( Central Bank)
  • Royal Thai Mint ( Mint )
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