Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 254

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 254
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

22 - INCOME TAXES

Cayman Islands

Under the current laws of the Cayman Islands,
the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments
of dividends to stockholders.

The United States of America

Pursuant to Section 7874 of the U. S. Internal
Revenue Code of 1986, as amended (the “ Code”), even though the Company is an exempted Company incorporated with limited liability
under the laws of the Cayman Islands, the Company will be treated as a U. S. domestic corporation for all purposes of the Code. The Company
will therefore be taxed as a U. S. domestic corporation for U. S. federal income tax purposes. As a result, the Company will be subject
to U. S. federal income tax on its worldwide income.

The federal income tax rate for corporations is21%. Additionally, a U. S. subsidiary is subject to US. Federal income taxes and state and local income taxes.

Turkiye

The Turkish subsidary is subject to Turkiye corporate
income tax. In connection with legislation passed in July 2023, the corporate income tax increased to25% beginning January 1, 2023.

Income withholding tax10% withholding tax rate
applies to profit distributions from the Turkish subsidiary to the Marti Technologies I Inc.

Income tax expense

For the years ended December 31, 2024, 2023 and
2022, no income tax expense has been recognized by the Group.

For the years ended December 31, 2024, 2023 and 2022, loss before income
tax expense consists of the following:

                          January 1 -                        January 1 -                        January 1 -                    
                          Dec 31,                            Dec 31,                            Dec 31,                        
                          2024                               2023                               2022                           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  U. S. operations                          ( 1,239,213                        ( 3,348,514                        ( 4,199,652  
  Foreign operations                       ( 72,641,769                       ( 30,466,205                       ( 10,046,226