Introducing a lower minimum wage for young people and/or in rural areas, which are characterised by lower living costs, should also be considered. First, firms will pay only a fraction of the corporate income tax liability, which will increase gradually over time: No income tax is paid in the first two fiscal years, 25% in the third fiscal year, 50% in the fourth fiscal year, 75% in the fifth fiscal year, and 100% from the sixth fiscal year onwards. ( A more generous treatment is granted to firms in the scarcely populated regions of Amazonas, Guainia and Vaupes). Firms will also be allowed to carry forward their losses, up to an additional five fiscal years.