There is currently no universal definition of the concept “turnover”. The nearest thing to a standard are the various definitions of turnover included in the Council Regulation on structural business statistics which essentially define turnover as “the totals invoiced by the observation unit during the reference period, and this corresponds to the market sales of goods or services supplied to third parties. ….. Reductions in prices, rebates and discounts as well as the value of returned packaging must be deducted. Price reductions, rebates and bonuses conceded later to clients (e.g. at the end of the year) are not taken into account.”