A Study On The Policy Of Value-added Tax Credit Refund To Promote The High Quality Development Of China’s Manufacturing Industry

The large-scale tax rebate policy is an important measure launched by the Party Central Committee and the State Council to balance the domestic and international situation,stabilize the macroeconomic market and boost the confidence of market players.In April 2022,in order to effectively assist enterprises in relieving difficulties and difficulties,the State began to implement a series of combined tax and fee support policies,including large-scale tax retention and rebate policies,which provided important policy support for promoting high-quality development of China’s economy.As a key measure for the country to cope with the economic downturn,the tax rebate policy of tax retention and offset directly transfers funds "living water" to enterprises.In 2022,it will transfer 2.46 trillion yuan of tax rebate funds to enterprises,with the most obvious benefits for manufacturing enterprises.In the existing documents,there is not enough research on the value-added tax rebate policy.With the continuous promotion of the value-added tax rebate work,it is of great significance to study the effect of the value-added tax rebate policy.Through reading the literature,this paper chooses to use the total factor productivity of manufacturing enterprises to measure the high quality development level of enterprises.This paper studies the mechanism and effect of the VAT rebate policy on the total factor productivity of enterprises to study the impact of the VAT rebate policy on the high-quality development of manufacturing industry.This paper first analyzes the research background and research significance of the topic,and briefly combs the domestic and foreign literature,then introduces the theoretical basis of the tax rebate policy and the high-quality development of manufacturing industry,analyzes the implementation effect of the tax rebate policy from the perspective of relevant economic principles,and explains the mechanism of the tax rebate policy on the high-quality development of manufacturing industry.Secondly,by combing the history,implementation status and manufacturing development of China’s tax rebate policy,it is found that China has three major characteristics in the process of implementing the tax rebate policy: large scale of tax rebate,fast speed of tax rebate,and good effect in combating fraud;The scale of China’s manufacturing industry has continued to grow steadily and its international competitiveness has increased significantly.The innovation capacity of the manufacturing industry has accelerated,and the transformation and upgrading have achieved remarkable results.However,there are also a series of problems such as high survival pressure and heavy tax burden.After having a full understanding of the development of the value-added tax rebate and the manufacturing industry,this paper takes the value-added tax rebate and rebate policies of some industries in 2018 as the research object,and based on the data of all A-share listed manufacturing companies from2012 to 2021,explores the impact of the value-added tax rebate and rebate policies on the total factor productivity of enterprises through the double difference model,So as to explore the impact of VAT retention,offset and refund policy on the high-quality development of China’s manufacturing industry.The study found that China’s tax rebate policy has promoted the improvement of enterprises’ total factor productivity in the short term.The result of the mechanism test shows that the tax rebate policy can promote the improvement of total factor productivity by promoting enterprises to increase R&D investment,which verifies the hypothesis of this paper;The heterogeneity test analysis found that the tax rebate policy has a more obvious effect on the improvement of total factor productivity of non-state-owned enterprises,small-scale enterprises and low-leverage enterprises.Finally,this paper analyzes and concludes that there are some problems in the tax rebate policy,such as the failure to eliminate the policy factors that form the tax rebate in the manufacturing industry,the flaws in the taxpayer credit evaluation system on which the tax rebate depends,the large differences in the fiscal sharing mechanism of the tax rebate under the provincial level,the "blind spots" in the new tax rebate policy itself,and the lack of a long-term tax rebate system.Based on the comprehensive contents of the full text,according to the research results,suggestions are put forward to control the amount of tax withheld,offset and refund at the source,improve the sharing mechanism of tax withheld,offset and refund,relax the conditions of tax refund,strengthen its own tax compliance management,optimize the business environment and establish a risk prevention and control system to ensure the effective implementation of the policy.