Deputy Prime Minister Somkid Jatusripitak has set a time frame for reforming six key business areas, with taxation and the ease of doing business the most urgent tasks.
The Finance Ministry needs to focus on these areas to develop the economy in the long term and it should be able to start the reform process this year, he said.
"Financial reform is our [economic ministerial] team's second phase after we have implemented a massive series of economic stimulus packages in the first phase. Now it is time to focus longer term," said Mr Somkid during a visit to the ministry Thursday.
Tax reform, which must be completed next year, will aim to expand the government's tax revenue but also address income equality and be fair to taxpayers.
"Even though boosting revenue is our goal, we have to be concerned about the potential impact on low-income earners and those people who are starting out," said Mr Somkid, adding that e-payments are also part of the first reform area.
The second reform area is to improve the ease of doing business after a World Bank global survey saw Thailand slip three places to 49th in the world.
Mr Somkid said Prime Minister Prayut Chan-o-cha regarded this issue as a major agenda and wanted related agencies to report their improvement plans by Nov 6 before completing them in three months.
The weakest links are starting a business and dealing with construction permits, he said.
The third reform aims to improve competitiveness under a master plan created by the Fiscal Policy Office.
"We have already set up an innovation venture capital fund to invest in small innovative projects that might lack funding but are full of ideas. This will shift our economy to be driven by innovation in the long term instead of relying on an export-led economy," said Mr Somkid.
The fourth area concerns financial and capital markets, with a schedule to reform them in the next six months.
The government aims to develop the markets to a regional standard and link them with other bourses in the region.
The law will have to be amended to accommodate the latest changes and new instruments and technology.
The fifth reform aims to restructure the Finance Ministry with a focus on the roles of officials and departments to improve the use of human capital. The plan is to ensure that the right official is in the right place, while the work of each department must reflect the country's needs and strategies.
The sixth reform will see the ministry create social projects as a role model for private companies. "We have to encourage private companies to pay more attention to social contribution," said Mr Somkid.
He said the industrial cluster development plan was ready to take off. The Industry Ministry and Board of Investment are holding discussions with eight targeted industries, while special economic zones (SEZs) must be able to kick off this year.
"We have to discuss the SEZ and cluster plan with Japanese investors at our Tokyo roadshow next month. It is time to start these SEZ projects. We don't need to wait for private firms to invest in industrial land development first," said Mr Somkid.