Since this year, China has deployed and implemented new combined tax and fee support policies, including large-scale VAT allowance and rebate, as well as a package of policies and measures to stabilize the economy, to effectively help enterprises relieve difficulties, stabilize the macroeconomic market, and promote high-quality development of China's economy. The reporter learned from the State Administration of taxation that from the implementation of the large-scale VAT retention, offset and refund policy on April 1 to August 15, 201.1 billion yuan of tax refunds have been returned to the taxpayers' accounts. In addition, the implementation of the previous 123.3 billion yuan of retention, offset and refund policy in the first quarter has continued, and a total of 2136.4 billion yuan of tax refunds have been returned to the taxpayers' accounts.. the centralized return of large-scale VAT retention, offset and refund stocks has been successfully completed, and the effect continues to show. Large scale VAT rebate with "real gold and silver" provides more market players with tax rebate "red envelope", which increases the cash flow of enterprises, and plays an important role in stimulating the vitality of market players, promoting the recovery and development of enterprise production and operation, and helping to stabilize the macroeconomic market. Professor Bai Yanfeng, Dean of the School of Finance and Taxation of the Central University of Finance and Economics, believes that when an enterprise encounters difficulties in production and operation, it can effectively help the enterprise survive, develop and unblock the industrial chain by activating its cash flow through VAT rebate. Li Xuhong, director of the Institute of Fiscal Policy and Application of Beijing National Accounting Institute, said in an interview with people.com.cn that at present, the positive effect of the tax rebate policy is gradually emerging. From the micro level, first, the tax rebate policy increases the cash flow of market players, resolves the financial difficulties of market players, and stabilizes the production and operation situation, which is conducive to helping market players overcome the epidemic crisis; Second, as an important part of the combined tax support policy, the implementation of the tax rebate policy has effectively improved the expectations of market players and encouraged market players to make business decisions conducive to economic growth. "From a macro perspective, first, the tax retention, offset and refund policy upholds the principle of value-added tax neutrality, reduces the interference of tax on economic behavior, and is conducive to improving resource allocation and economic operation efficiency; second, the tax retention, offset and refund policy provides funds for market entities to expand production and operation scale, encourages market entities to create jobs, and plays an important role in stabilizing employment; third, the tax retention, offset and refund policy promotes market entities to expand fixed asset investment As well as the investment in R&D and innovation, market players are the foundation of China's economic fundamentals. The expansion of their investment scale has effectively driven economic recovery and growth, which is conducive to stabilizing the macroeconomic market and promoting high-quality economic development. " Li Xuhong said. According to a quick survey by the National Bureau of statistics, 96.2% of the enterprises that received VAT increment tax rebate after the implementation of the large-scale tax rebate policy said they were satisfied with the policy, and 90% said they had improved their cash flow; Among the small and micro enterprises that obtained the tax rebate of stock retention, 94.6% said they were relatively satisfied with the policy, and 84.5% said they had improved their cash flow; Among the industrial enterprises that have obtained VAT rebate, 95.4% of them are satisfied with the policy, and 87.9% of them believe that they have improved their cash flow. Recently, the Ministry of Finance issued the report on the implementation of China's fiscal policies in the first half of 2022 (hereinafter referred to as the report). In Retrospect: