Turnover taxes are levied on a company's gross revenues from sales rather than on its profits. These taxes play a crucial role in the global taxation system by providing a steady source of revenue for governments. Among the common types are Value-Added Tax (VAT), Goods and Services Tax (GST), Sales Tax, and Gross Receipts Tax. VAT is a consumption tax applied at each stage of the supply chain, from production to sale, and is a significant revenue source, particularly in Europe and countries like China, India, and Australia. GST, similar to VAT, is collected at each stage of production and distribution and is a major revenue source in countries such as Australia, Canada, India, New Zealand, and Singapore. Sales Tax is a direct tax on the sale of goods and services, collected by retailers and passed on to the government, serving as a substantial revenue source for state and local governments in the United States, Canada, and Japan. Gross Receipts Tax is levied on a company's total gross revenues, offering simplicity in administration and a steady revenue stream for governments in certain U.S. states like Ohio and Washington. While turnover taxes offer revenue stability and administrative simplicity, they can burden low-profit businesses and lead to higher end prices for consumers due to the cumulative tax effect at each production and distribution stage. These taxes, including VAT and GST, are integral to the fiscal frameworks of many countries, contributing significantly to their tax revenues.