Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 79

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 79
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 in Türkiye on a net basis. For the fiscal periods beginning on or after January 1, 2022,
the corporate tax rate has been applied to the tax base at a rate of 20%, which was calculated by adding non-deductible expenses and deducting
the exemptions available under the tax laws. The corporate tax rate applicable to income was modified
to 23% for the income derived in 2022, 25% for the income derived in 2023 and 2024, pursuant to the Tax Amendment. These rates will apply for the period starting within the relevant
fiscal year. This change has been applied for the taxation of profits in the respective fiscal years starting from January 1,
2022.

According to the Tax Amendment, deferred tax assets
and liabilities included in the consolidated financial statements for the year ended December 31, 2022 are calculated at the rates of
25% and 23% for the portions of temporary differences that will have tax effects in 2023, for the years ended December 31, 2023 and 2024 are calculated at the rate of 25%.

Fiscal losses declared in the corporate income
tax returns of Türkiye resident companies can be carried forward for a maximum period of five years, which is the statute of
time limitation for corporate income taxation. Local tax authorities in Türkiye can inspect tax returns and the related accounting
records for a maximum period of six fiscal years (including the year in which the inspection takes place).

Beginning on December 22, 2024, a gross basis
withholding tax applies to dividend distributions of Türkiye resident corporations to nonresidents and real persons on an accrual
basis at a rate of 15%. The withholding tax rates in Türkiye’s bilateral tax treaties are also taken into account in the application
of withholding tax rates for profit distributions to non-residents. Investing profits to the capital cannot be considered as distribution
of dividends and is not subject to withholding taxation in Türkiye.

Our after-tax profitability and financial results
may be adversely affected by changes in relevant tax laws and tax rates, treaties, regulations, administrative practices and principles,
judicial decisions, and interpretations thereof, in each case, possibly with retroactive effect.

Risks Related to Being a Public Company

We qualify as an “emerging growth
company” and a smaller reporting company, and the reduced disclosure requirements applicable to “emerging growth companies”
and smaller reporting companies may make our securities less attractive to investors.

We qualify