China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 37 of 2021, which provides a VAT exemption for insurance in relation to exports. In particular, an exemption is provided for liability insurance and product quality assurance insurance on the export of goods. The VAT exemption is provided from 1 January 2022 to 31 December 2025 where such insurance is purchased by domestic entities and individuals.