Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 77

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 77
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 rulings could adversely affect our effective tax rate and our operating results.

We are subject to tax in multiple jurisdictions,
and changes in tax laws (or in the interpretations thereof) in the Cayman Islands, Türkiye or in other jurisdictions could have an
adverse effect on us.

Turkish operating subsidiaries are subject to
corporate tax in Türkiye. For the fiscal periods beginning on or after January 1, 2021, 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. With the publication of the Tax Amendment, the corporate tax rate applicable to income for the years 2021 and 2022 was modified
to 25% for the income derived in 2021, 23% for the income derived in 2022, and 25% for the income derived in 2023 and 2024. 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, 2021.

According to the Tax Amendment, deferred tax assets
and liabilities included in the consolidated financial statements for the year ended December 31, 2021 are calculated at the rates
of 25% and 23% for the portions of temporary differences that will have tax effects in 2022 and the following periods, respectively.

According to “ A Law on the Establishment
of an Additional Motor Vehicle Tax to Compensate for the Economic Losses Caused by the Earthquakes Occurred” published in the Official
Gazette on July 15, 2023, increased the corporate tax from 20% to 25%. The new rate is effective as of July 2023 payment period.

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