Rhinos are seen at an undisclosed location in the North-West Province of South Africa, on April 2, 2023. (Photo by Luca Sola / AFP)
South Africa has offered its first ever tax incentives for the preservation of endangered species.
The Department of Forestry, Fisheries and the Environment said that, together with the Sustainable Finance Coalition and Wilderness Foundations Africa, said it developed its first biodiversity management agreements with three private black rhino and lion owners in the northeastern province of Limpopo.
The agreements allow the owners to deduct all their expenses related to conservation from their taxable income.
In order to activate the agreements applicants have to sign a management plan of at least a five-year duration with the department.
Preservation of other species, such as endangered vultures and cycad plants, may be eligible, the Sustainable Finance Coalition said in a statement.
