Which category of taxes appears to be most important internationally?

Taxes on goods and services are often viewed as the most important category of taxes internationally due to their broad application and significant impact on economies. These types of taxes, which include sales taxes, value-added taxes (VAT), and consumption taxes, are typically assessed on a wide range of transactions and can contribute substantially to government revenue.

One of the main reasons for their importance is that they can be levied consistently across different sectors of the economy, making them relatively stable sources of funding for governments. Goods and services taxes are also easier to collect compared to income taxes, as they are collected at the point of sale, minimizing tax evasion risks and ensuring that most individuals and businesses contribute to tax revenues.

Additionally, many countries have shifted their tax structures towards consumption taxes as part of broader tax reforms to promote economic growth. These taxes provide incentives for saving and investment since they do not directly tax personal and corporate income.

In contrast, income taxes vary significantly by jurisdiction and can be more complex to administer, which may limit their overall effectiveness in generating revenue on a global scale. Property and corporate taxes, while important, tend not to be as uniformly applied or as integral to tax systems in many countries when compared to consumption taxes.