The trouble with your suggestion is that sales taxes hit the poor far more than the rich. It's like an income tax where we say that we'll tax your first $20k at 40% but we'll drop it from there - great for revenue but shitty for equality. The goal of corporate tax is to prevent people screwing the system.
The reason is that you only need to pay sales tax on consumption, not on investments. This means that if I don't need to consume yet, then I can reinvest all my dividends and gain compounding on the whole amount. If we have company tax then I can't - the profit is taxed immediately rather than when it is consumed.
The other thing is that by taxing consumption, you're strongly encouraging me to consume in countries with lower sales tax. For example I can legally go on holiday and spend up big before returning to my more modest lifestyle. Encouraging your citizens to spend up big overseas does not help with balancing a company's books.
I personally agree with you about not taxing profit. However rather than taxing consumption I think we should tax assets. This makes it awkward for people with valuable assets that are not (yet?) generating revenue, and also encourages people to try and hide assets they own, but overall I think it works better.