Who is the Treasury Department and what are its functions?

The Treasury Department is a department under the Ministry of Finance, responsible for managing state assets and land. What are its duties? How does it interact with buyers and sellers? And what is its role in the real estate industry? Let's get to know it together.

A Brief History of the Treasury Department: Who is it?

The Treasury Department was established in 1933 under the name "Department of the Treasury." Later, it changed its name to "Department of the Treasury," and finally, in 1952, it adopted the name "Treasury Department," which it remains to this day.

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What are the main duties or responsibilities of the Treasury Department?

The Treasury Department's primary duties and responsibilities include managing state assets, which comprise five aspects:

1. Protecting, preserving, maintaining, utilizing, managing, and handling state property according to the State Property Act, such as registering state land and buildings and allocating that land to government agencies for use.

2. Producing coinage, including issuing and receiving back such coins, as well as handling currency according to currency laws. For example, when you have damaged or old coins... You can return that coin to the Treasury Department.

3. Receive, disburse, and control treasury funds in accordance with treasury laws, such as issuing payments from the treasury account.

4. Determine the appraised value of real estate according to the Land Code, including buildings.

5. Display and preserve valuable state assets and sell products according to departmental regulations, such as at the Thai Coin Pavilion.

It can be seen that in this fourth mission, the Treasury Department is responsible for appraising land prices, which directly affects real estate buyers and sellers. As we have previously mentioned in an article about land appraisal prices, land appraisal prices are the median prices set by land experts as a standard to serve as a price guideline for both buyers and sellers of real estate, and for banks to use in considering loan amounts.

In addition, these appraised prices can be used in registering rights and legal transactions, as well as calculating fees, income tax on the sale of real estate, and specific business tax.

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Thank you for the valuable information from DD Property.