Organization Structure
The Duties and Responsibilities of Government Agencies and State Enterprise under the Ministry of Finance, These are as follows:
1.1 Office of the Minister ( https://ofm.mof.go.th )
Is responsible for providing support and coordination as assigned by the Minister, political coordination, liaison with the Parliament and handling of Parliamentary enquiries, maintaining the Minister’s meeting diary, and monitoring of issues, comments and complains related to administrative policy.
1.2 Office of the Permanent Secretary ( https://palad.mof.go.th )
Is responsible for formulating ministry’s strategic plan the oversight of regular duties, coordinating departmental inspections, provision of news and public information in general and implementation of matters concerning civil servants’ disciplines, and carrying out official duties that do not fall under any other government departments.
1.3 Fiscal Policy Office (FPO) ( http://www.fpo.go.th )
Is responsible for proposing and identifying fiscal and financial policies and measures, including those concerning macroeconomics,and international finance with an aim to increase competitiveness and promote sustainable economic and social development as well as enhancing awareness, understanding and acceptance of the policies and performance to target groups, the general public and other entities, both domestic and foreign.
2.1 Treasury Department ( http://www.treasury.go.th )
Is responsible for production of coins and Royal Decorations, conservation, storage, display, and dissemination of knowledge about the valuable state property, utilization of state land. Other responsibilities include the control of coin exchange and storage, withdrawals and deposits of provincial treasury reserve, control of the balance of the Government’s savings deposit at the Bank of Thailand, as well as pricing and appraisal of real estate and other properties as stipulated by relevant laws.
2.2 State Enterprise Policy Office (SEPO) ( http://www.sepo.go.th )
Has the responsibilities of proposing policies of finances, accounting, remunerations and benefits for state enterprises, state revenue remittance, improving the efficiency of state enterprises, provision of a performance evaluation and good governance, and privatization.
3.1 Customs Department ( http://www.customs.go.th )
Is responsible for collecting custom, duties for inbound and outbound goods, other fees and collecting taxes on behalf of the Revenue Department, Excise Department and Ministry of the Interior. As these are the state revenues, it is imperative that measures to prevent and suppress tax evasion and goods smuggling be practiced. Other responsibilities include promotion of export through favorable taxation measures and provision of services to importers and exporters of goods in response to the government’s policy to promote international trade and facilitate the exporting process.
3.2 Excise Department ( http://www.excise.go.th )
Is responsible for collecting taxes from certain types of products, both manufactured domestically and imported from foreign countries such as taxes on liquor, personal service business establishments, applying stringent control measures and penalty on the offenders of the law.
3.3 Revenue Department ( http://www.rd.go.th )
The primary agency responsible for the collection of taxes as a source of revenue for the government which is spent on the development of the country, governing and auditing of tax compliance, tracking and expediting tax payments in arrears, representing the government in maintaining fairness and tax law enforcement, making amendments and improvements to the legislation and taxation system to promote savings, investment and competitiveness in production and exportation with other countries. Revenue Department is also responsible for creating a fair distribution of income with a view to enhance voluntary tax payment. In addition, there are agreements made with various countries to eliminate double taxation to support trade and in-vestment between these countries.
4.1 Comptroller General’s Department ( http://www.cgd.go.th )
Is the central agency who sets the standards, guidelines and practice for the legal aspects of finance and accounting, government purchasing and procurement activities, internal auditing, remuneration and benefits, management of government employees and any misconduct. It controls the disbursement of funds and manages expenditures of budgeted and off-budget funds in accordance with the discipline and fiscal sustainability, effectively manages cash and revenue and income using modern technologies, provides administrative support at the regional level, enhances the financial capability of government personnel and acts as the center of fiscal information.
4.2 Public Debt Management Office (PDMO) ( http://www.pdmo.go.th )
Is responsible for setting policy and planning overall liabilities, conducting matters concerning public debt commitments, both domestic and foreign, managing public debts, both in the risk aspect and cash, maintaining the government debt database, drawing and disbursing of loans and repayments, developing a process for performance monitoring and evaluation, implementation of laws and regulations, as well as the development and revision of commitments and public debt management and the development of the country’s bond market.
According to the Act on the Establishment of Government Organizations B.E. 2496, the government may establish an organization with a corporate status as it deems appropriate, to operate for the benefits of the public or the economy or the well-being of the people, or to provide services to them, using funds from the national budget. This Act is the basis of the origin of today’s enterprises. There are 15 state enterprises under the Ministry of Finance, which are:
5.1 Government Lottery Office (http://www.glo.or.th)
Serves the objective of issuing lottery tickets and managing the lottery printing house in printing the lottery tickets and other publications.
5.2 Thailand Tobacco Monopoly (http://www.thaitobacco.or.th)
A revenue generating state enterprise whose duties and responsibilities include the production and distribution of tobacco to meet the demand of consumers.
5.3 Government Savings Bank ( http://www.gsb.or.th )
Has a duty and responsibility to encourage people to recognize the importance of saving by offering various types of services. It also provides loans to state agencies and private organizations, and makes investments to seek benefits in various forms with the majority focusing on supporting the government’s policy to improve the lives of people in the regions and rural areas.
5.4 Government Housing Bank ( http://www.ghb.co.th )
Is responsible for providing financial assistance to the general public, especially those with a low and moderate income to be able to afford a house of their own, by lending at lower interest rates than other financial institutions.
5.5 Krung Thai Bank Public Company Limited ( http://www.ktb.co.th )
Is responsible for commercial banking businesses of all types, in response to the government’s policy in being a leading bank to implement the monetary policies of the government, to maintain the stability of the financial system and capital market of the country, to distribute loans to other regions and major programs that are sponsored by the government. It also provides support and cooperation to government sector, state enterprises and charitable organizations of both public and private sectors in activities beneficial to society.
5.6 Bank for Agriculture and Agricultural Cooperatives ( http://www.baac.or.th )
Is responsible for providing financial assistance to farmers and agricultural institutions in the costs, investment in their occupation, rehabilitation of agricultural career, related professions or other professions, in order to income, knowledge and quality of life and any other investments conducted prior to harvest time, and also to repay other debts. The Bank also seeks funds from various sources to provide credit to farmers and agricultural institutions.
5.7 Liquor Organization (Excise Department) (http://www.liquor.or.th)
Is responsible for establishing production plants for liquor and spirits to generate state revenue and conducts businesses related or connected to the production of such products.
- To conduct the trading of the products of the factory.
- To establish branches or act as agents associated with the business objectives.
- To conduct any other businesses or services related to the production of alcohol.
5.8 Playing Cards Factory (Excise Department) ( http://www.playingcard.or.th )
Has the authority to produce playing cards in accordance to the Card Printing Act B.E. 2486 and other types of publication to generate income for the government, and to conduct any other related businesses, and act as commercial agents associated with the business objectives.
5.9 The Export-Import Bank of Thailand ( http://www.exim.go.th )
Is responsible for promoting and supporting exporters and investors who generate income in foreign currencies or create foreign exchange savings for the country, by conducting businesses or activities that help Thai business owners to compete with other countries, and providing other financial services that other commercial banks cannot. It supports the government’s policy in providing assistance to other countries to facilitate exports, investment and economic development of Thailand.
5.10 Thai Credit Guarantee Corporation (https://www.tcg.or.th/)
Is responsible for helping SMEs to obtain larger loans from financial institutions, giving financial institutions more confidence in lending to SMEs, expediting the distribution of credit to SMEs across the country, allowing SMEs to achieve their economic and social development plans.
5.11 Secondary Mortgage Corporation (https://www.smc.or.th/)
Has a role in the secondary mortgage market, including the provision of support to financial institutions that provide mortgages in the primary market in order to help the mortgage lending businesses to grow, and providing them with long-term financing at low interest rates. This enables people to borrow at lower interest rates, which will in turn benefit the overall economy and its recovery as well as enhance the development of long-term debt market.
5.12 Small and Medium Enterprise Development Bank of Thailand (https://www.smebank.co.th/)
Is responsible for the development, promotion and facilitation of the establishment, operation, expansion or improvement of small and medium-sized enterprises by providing loan guarantees, investment advice or other required services.
5.13 Treasury Asset Development Company Limited (https://www.dad.co.th/)
Is responsible for investing in construction and project management for the Government Service Center of Bangkok, construction and property development and management of public and private properties to optimize benefits, as well as having a role in creating strength and sustainability for the country and providing support to the implementation of the government’s policies.
5.14 Islamic Bank of Thailand (https://www.ibank.co.th/)
Has been established in accordance to the Islamic Bank of Thailand Act B.E. 2545 under the supervision of the Ministry of Finance, with the purpose of operating businesses that are not interest-orientated and other businesses that do not conflict with the Islamic principles, to provide the Thai Muslims with financing channels that comply with Islamic principles, and meet the needs of the general public.
5.15 Islamic Bank Asset Management Ltd. :IAM (http://iam-asset.co.th/)
Has been established to solve problem for Islamic Bank of Thailand (IBank), such as transferring (Non-Performing Financing: NPF) for non-Muslim customers including collaterals transferred from IBank for future management as well as legal proceeding in accordance with the guidelines proposed from the Ministry of Finance.
Neighboring Countries Economic Development Cooperation Agency (Public Organization) (https://www.neda.or.th/)
Has been established by the Royal Decree for establishing the Neighboring Countries Economic Development Cooperation Agency (Public Organization) B.E. 2548 with the main objectives and functions below:
- To provide financial and technical assistance related to the cooperation in the economic development to the government, state enterprises or financial institutions of neighboring countries.
- To provide cooperation in the economic development of neighboring countries.
- To collect data, conduct studies, analyses and research and make recommendations on the formulation or implementation of policies and measures to develop economic cooperation with neighboring countries.
- To coordinate the authority or implementation of government agencies, domestic or foreign organizations, and the related private sector to integrate economic cooperation with neighboring countries.
7.1 Bank of Thailand (BOT) (https://www.bot.or.th/)
Acts as a central bank in order to maintain financial stability, the stability of financial institutions and payment system Roles and Responsibilities:
- Print and issue banknotes and other security documents under the enforcement of the Currency Act and has sole rights to print and issue banknotes in the Kingdom.
- The BOT implements monetary policy as specified by the Monetary Policy Committee as follows : mobilizing the deposits, determining the interest rate for loans to financial institutions, trading foreign exchange and exchanging for the future cash flow, borrowing foreign exchange in order to maintain the monetary stability, borrowing money in order to implement the monetary policy, trading securities as necessary and exchanging for the future cash flow in order to control the money supply in the country’s financial system, and borrowing or lending the securities with or without returns.
- The BOT manages its assets (excluding the assets within the currency reserve according to the Currency Act) and invests such assets for returns by realizing the security, liquidity, return on asset, and management risks.
- The BOT acts as the representative of the government for investment in assets and Forex (Foreign Exchange), trades and transfers the bill of exchange, securities, and share certificate, and controls and oversees Forex (Foreign Exchange). In additions, the BOT may provide banking facilities to the state enterprise or other government agencies. Moreover, the BOT acts as the registrar for the government bonds by acting as the government representative in purchasing and selling government bonds, paying principal and interest, or acts as the registrar of state enterprises, specialized financial institutions, or other government agencies.
- The BOT provide banking facilities for the financial institutions by acting as lender of the last resort for the financial institutions, acting as the custodian for the financial institutions, and ordering the financial institutions to report or explain about the assets, liabilities or contingent liabilities.
- The BOT establishes or supports the establishment of payment system, electronics clearing system, and administers such systems for safety and efficiency.
- The BOT supervises, examines, and analyzes the financial status and performance, and risk management system of the financial institutions in order to promote financial institutions stability.
- Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act.
7.2 Securities and Exchange Commission (SEC) (https://www.sec.or.th/)
The SEC is an independent state agency established by the virtue of the Securities and Exchange Act BE 2535. The main duties are to promote, develop, supervise the capital market, for example, fund mobilization, products and services, related business operators, unfair securities trading activities in the capital market.
7.3 Deposit Protection Agency (http://www.dpa.or.th/)
Deposit Protection Agency is a government organization established under the Deposit Protection Agency Act B.E. 2551 in order to provide protection for depositors of Financial Institutions, especially small depositors, the majority of depositors, who may not have access to sufficient financial information. In case a particular insured financial institution fails, reimbursement shall be made to insured depositors under the stipulated amount of coverage within a certain period of time. Deposits exceeding the coverage amount shall be claimed from the liquidation process. Main Responsibility :
- To provide protection for depositors. Reimbursement shall be made to insured depositors within a certain period of time when a particular financial institution fails.
- To remit premium from insured financial institutions into Deposit Protection Fund, in order to make reimbursement to insured depositors under the stipulated amount of coverage within a certain period of time when a particular financial institution fails.
- To proceed with liquidation process and to make reimbursement to insured depositors in case the deposits exceed the amount of coverage.
7.4 Student Loan Fund (https://www.studentloan.or.th/)
Supporting and expediting the development of human resources to facilitate economic growth and increase the competitiveness of the country in meeting such needs, by reducing the disparities in education in society, creating educational opportunities at higher levels to students who are financially disadvantaged by providing student loans for high school education (general and vocational) up to Bachelor Degree level. This will contribute significantly to enhance the livelihood of the people.
7.5 Government Pension Fund (https://www.gpf.or.th/)
Serves as a security for the payment of gratuity and pension for the government officials upon their termination of official services and promotes saving habit, as well as provides welfare and other benefits to members. Main Responsibility :
- Investment : the investment should maximize returns with appropriate risk framework in accordance with rules and regulations and the policies determined by the investment committee.
- Members : Administration of member database, allocation of benefits from investment, publicize information to promote the correct understanding, welfare and other benefits provision to members including arrangement of returns and benefits after the termination of membership.
7.6 National Savings Fund (https://www.nsf.or.th/)
Is a state agency established by the virtue of the National Savings Fund Act BE 2554 to universally provide saving arrangement for the people and State officials for their livelihood at the old age. In this regard, for setting up a savings system for old-age livelihood which covers people of all groups, particularly population in labor sector of the country, the majority of which are informal laborers who have not yet been under comprehensive old-age protection, and are thus at risk of falling into poverty at the old age due to lack of mean or opportunity to access a savings system during their working age, in order to ensure security at the late stage of life as well as to develop a discipline of saving of Thai people during their working age, it is therefore expedient to establish a fund as a mean of fundamental saving arrangement for persons not yet having old-age protection to ensure that they receive benefits in the form of a pension, which will in turn promote equality and equity with respect to care from the State. It is therefore necessary to enact this Act.
7.7 Fiscal Policy Research Institute Foundation (FPRI) (http://www.fpri.or.th/)
Established on May 1, B.E. 2544 as a non-profit organization under the Ministry of Finance. Missions under the registration of association:
- Analytical study and research on economic, financial, fiscal and social plans, as well as conducting, monitoring and collection of economic, financial, fiscal and social data.
- Promotion of research and training cooperation with external agencies / organizations both domestically and internationally.
- Cooperation with other charities For the benefit of the public
- Consultantation on education, analysis, research, training and seminars in various fields