Roles and responsibilities of the Finance Ministry have been developed over time along with a series of the nation’s development schemes. As currently defined in The Public Administration Act, the Ministry is empowered to oversee various matters concerning public finance, taxation, treasury, Government property, operations of Government monopolies, revenue- generating enterprises which can be legally operated only by the Government and not under the purview of other Government bodies, as well as other organizations to which the Government has contractual obligations. It is also vested with the power to provide loan guarantees for the Government agencies, financial institutions, and state enterprises.
The Permanent Secretary for Finance oversees the Ministry management and functioning while the Directors- General executematters concerning their own individual Departments. Administratively, the work is divided among 8 main agencies. They are:
1. Office of the Secretary to the Minister ( http://www.ofm.mof.go.th )
Office of The Secretary to the Minister is headed by the Secretary to the Minister and assisted by the Secretary to the Minister and assisted by the Assistant Secretaries in charge of:
- Facilitating and coordinating matters assigned by the Ministers
- Assisting the Ministers in political matters, including coordinating with the Parliament and responding to public enquiries
- Handling the Minister’ s appointments, clarifying petitions and public inquiries.
2. Office of the Permanent Secretary ( http://palad.mof.go.th )
Office of the Permanent Secretary is headed by the Permanent Secretary and assisted by the Deputy and Assistant Permanent Secretaries. Its function embrace:
- Controlling, coordinating and inspecting planned activities of the Ministry under the supervision of the Inspectors-General
- Formulating and reviewing rules and regulations pertaining to the Ministry in consultation with the Jurisconsult
- Providing computer services, including system development and training under the guidance of the Senior Expert in Computerized System
- Handling their civil servants’ code of conduct
- Operation matters irrelevant to those of other Departments
3. The Fiscal Policy Office ( http://www.fpo.go.th )
The Fiscal Policy Office is a policy unit of the Ministry of Finance, responsible for economic, monetary and fiscal policies. The Office performs the functions of study, analysis, research, providing technical advice to the Permanent Secretary and the Minister of Finance, participating in policy formulation, and operations regarding fiscal policies, tax policies, monetary and financial system policies, and coordination with the Work Bank, IMF and ADB, saving and investment policies, economic policies, including economic analysis by macroeconomic models, policy on regional economic integration, multilateral negotiation policy, supervision of and coordination with offices of economic and financial counsellors abroad.
4. The Treasury Department ( http://www.treasury.go.th )
The Treasury Department is responsible for:
- Production of coins used in circulation and for royal decorations and momentos
- Keeper of the Government real properties, namely, land as well as their management to the maximum benefit
- Supervising and verifying the treasury reserve accounts to ensure their conformity with those maintained by the Comptroller-General’s Department and the Bank of Thailand
5. The Comptroller General's Department ( http://www.cgd.go.th )
The Comptroller-General’s Department is accounted for:
- Laying out the Government accounting system, as well as that of individual government agencies, public enterprises and their respective control
- Formulating and updating the nation’s fiscal rules and regulations
- Managing the treasury reserve balance
- Controlling the disbursement form budgetary and non-budgetary accounts
- ormulating civil servants’ pay scale, pensions, gratuities, and other remunerations
- Acting as agents of the Bank of Thailand in the provinces
6. The Customs Department ( http://www.customs.go.th )
The Cutoms Department is in charge of:
- Collection of the custom tariff levied by the Customs Department itself or other taxes and duties on behalf of other departments which are levied on import and export
- Prevention and suppression of customs offences, particularly the smuggling activities
- Promotion of export through tax measures and services, for example, tax refunds and compensation
- Supporting and approving the setting-up of bonded warehouses and container yards outside the Bangkok port in order to serve the Government policy regarding the facilitation of international trade
7. The Excise Department ( http://www.excise.go.th )
The Excise Department is accountable for:
- Excise tax collection which is at present levied on 11 types of domestic and import goods and services, namely, spirit, tobacco, playing cards, beverages, electrical lamps and airconditioners, crystal wares and glasses, petroleum products, passenger cars, yatchs and luxury boats, perfumes, and race courses
- Carrying out suppression activities to ensure a strict law enforcement
8. The Revenue Department ( http://www.rd.go.th )
The Revenue Department is in charge of:
- Collection of taxes based on income and ddomestic consumption as provided under the Revenue Code and related laws, namely, personal income tax, corporate income tax, petroleum income tax, value added tax, stamp duties, bird’s nest concession
- Reviewing and improving laws and regulations pertaining to tax ccollection system in order to promote savings, investment and competitions as well as to bring in the equality in incocme distribution and willingness to pay tax
- Negotiation with other countries on the avoidance to double taxation treaties to promote trade and investment
9. The Public Debt Management Office (PDMO) ( http://www.pdmo.go.th )
PDMO’s functions is formulating and delivering public sector borrowing policy and public debt management policy. Specifically, the responsibilities include : Participating in public sector borrowing policy, public debt management policy, government foreign lending policy, government borrowing and debt management operations.
10. State Enterprise Policy Office (SEPO) ( http://www.sepo.go.th )
Amongst SEPO’s many functions is to oversee state-owned enterprises’ (SOEs) financial and accounting policies, including formulation compensation schemes and determining the level of revenue remittance. In addition to managing enterprise whereby government holding comprises less than 50%, it is charged with the responsibility of improving the economic efficiency of SOEs via the introduction and implementation of international best practices, i.e. corporate governance frame work, and setting up a performance evaluation system.
However, recently SEPO has been taking an active role in establishing key initiatives for privatisation through the identification of market structural reforms and the creation of independent regulators.