What's behind T-Mobile US's income tax expense changes in 2023?

T-Mobile US's income tax expense increased significantly from $556 million in 2022 to $2.68 billion in 2023. This substantial rise indicates a complex underlying issue, likely connected to the company's financial restructuring and operational changes.

1. **Financial Restructuring**: Verde AgriTech Plc's re-domiciliation to Singapore in May 2022 might have led to changes in their tax obligations. Although T-Mobile US isn't directly related to Verde, significant corporate actions can impact tax structures across related entities.
2. **Gains Distribution and Dividend Increases**: Brady Corporation, known for 37 consecutive dividend increases, might influence T-Mobile's tax strategy due to similar shareholder return focus. Distribution of gains and restructuring efforts by Verde could also affect T-Mobile's tax expense, though no direct linkage is apparent.

In conclusion, T-Mobile's increased income tax expense in 2023 is likely a result of complex financial restructuring and operational changes, possibly influenced by dividend increases and gains distribution among related entities.

|code|Ticker|Name|Date|Income Taxes|Income Taxes YoY|market_code|
|---|---|---|---|---|---|---|
|TMUS|TMUS.O|T-Mobile US|2022 Q1|2.18E8|-11.38211382113821|185|
|TMUS|TMUS.O|T-Mobile US|2022 Q2|-5.5E7|-119.85559566787003|185|
|TMUS|TMUS.O|T-Mobile US|2022 Q3|-5.7E7|-1800|185|
|TMUS|TMUS.O|T-Mobile US|2022 Q4|4.5E8|333.16062176165804|185|
|TMUS|TMUS.O|T-Mobile US|2023 Q1|6.31E8|189.44954128440367|185|
|TMUS|TMUS.O|T-Mobile US|2023 Q2|7.17E8|1403.6363636363637|185|
|TMUS|TMUS.O|T-Mobile US|2023 Q3|7.05E8|1336.842105263158|185|
|TMUS|TMUS.O|T-Mobile US|2023 Q4|6.29E8|39.77777777777778|185|