Tax collection and management reform, as an essential component of national governance modernization and services to high-quality development, directly impacts corporate decision-making behaviors and production and operational activities. Tax collection and management can potentially prevent and mitigate corporate debt default pressures, yet it may also increase the risk of debt default. Given this context, this article examines the effects of tax collection and management on corporate debt default risk, utilizing data from Shanghai and Shenzhen A-share listed companies from 2011 to 2021. The empirical results indicate that an enhancement in the intensity of tax collection and management significantly reduces the risk of corporate debt default. Mechanism tests reveal that tax collection and management effectively alleviates the debt default risk by improving corporate tax compliance and optimizing the capital allocation structure, without weakening the original intention of tax reduction and fee reduction policies; robust corporate governance can enhance the suppressive effect of tax collection and management intensity on corporate debt default. Further analysis shows that the intensification of tax collection and management efforts stems from the synergistic effects of policies such as “Golden Tax Phase III” and the merger of National Tax Bureaus and Local Tax Bureaus. The inhibition of corporate debt default risk through tax collection and management contributes to the enhancement of core business performance levels. The research conclusions provide empirical evidence supporting the further advancement of tax reforms, which serve the Chinese model of modernization by reducing the primary burden on enterprises, stimulating the vitality of the real economy, and stabilizing the whole economy.