Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 59

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 59
---
 2022 and the remaining $0.1 million was recorded as a provision as of December
31, 2022.

In January 2023, the Customs Authority issued
us an additional fine of $3.3 million upon reviewing our voluntary amendment. On March 12, 2023, the Law numbered 7440, which regulates
tax amnesty and the restructuring certain receivables, came into force. Pursuant to the Law numbered 7440 and the official notices of
the Customs Authority, the additional fine of $3.3 million fell within the scope of amnesty and was therefore not subject to any payment.

Additionally, in May 2022, we voluntarily decided
to amend the import tax product codes, applying the higher import tax product code for e-bikes. As a result of such amendment, an additional
import tax charge of $0.4 million was incurred. The amendment was officially approved by the Customs Authority. In September 2024, the
Customs Authority approved a settlement regarding the additional tax charge, allowing it to be paid in four installments, along with the
interest and default interest calculated based on the domestic producer price index. The final installment of the settled tax charge is
due on April 8, 2025.

Notwithstanding the above and the provisions of
Law numbered 7440, we may still face penalties as a result of future investigations, all of which could adversely affect our results of
operations, financial condition, and prospects.

We may be subject to increased tax and compliance
risks related to new revenue models for our services.

As we monetize our ride-hailing service through
driver subscription packages or change the revenue model, we may face new tax obligations, including VAT, corporate income tax, and potential
withholding taxes on subscription package revenues or driver earnings. Tax authorities may challenge our current tax treatment of transactions,
which could result in additional liabilities.

AI and Algorithmic Decision-Making in ride-hailing
operations may introduce additional risks in a complex regulatory environment and could adversely affect our business, financial
condition, and results of operations.

AI integration into our platform creates risks
related to algorithmic transparency, fairness, data integrity, and evolving regulations. AI-powered pricing and automated decision-making
optimize efficiency but may also lead to biased outcomes, pricing concerns, and regulatory challenges.

Our AI models rely on large datasets, and flaws
in data quality or training could result in discriminatory outcomes, unfair treatment, or unpredictable pricing. Perceived biases or explo