Latest news for Bankinter (OTC:BKNIY) Stock

Bankinter

Bankinter SA is a bank operating in Spain. Its services include financial planning, asset management, retail banking, corporate banking, treasury, and international banking. Customer loans constitute the overwhelming majority of earning assets on the balance sheet. Its segments include Commercial Banking, Corporate Banking, Consumer Finance, Bankinter Portugal, Bankinter Ireland, and Other businesses. Its Financial products include Mortgages Salary accounts, Loans, Cards, Pension plans, and Investment funds.

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Bitcoin Exempt From VAT Tax In Spain

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Bankinter 2012 Net Profit Down 31%

Bankinter Q1 Net Profit Up 1.8%

Bankinter SA

Last week, the Spanish tax office <a href="http://www.coindesk.com/spanish-bitcoin-community-celebrate-bitcoins-vat-exemption/">confirmed</a> that bitcoin transactions will not carry a Value Added Tax (VAT) much like other goods bought and sold in the country.

	The decision was cheered by enthusiasts who say the law makes it easier for bitcoin-based businesses to grow and is likely to further promote the currency&#39;s mainstream adoption.

	No VAT

	Under Spanish law, bitcoin has been recognized as a &quot;financial service.&quot; For that reason, the cryptocurrency won&#39;t be subject to the nation&#39;s 21 percent VAT.

	The decision was likely strategic for Spanish officials, who know that bitcoin still makes up only a fraction of the nation&#39;s financial transactions and trying to impose taxes would be very difficult.

	A Help To Startups

	Bitcoin companies based in Spain say the clarity will be a major help to their businesses.

	Previously, the law surrounding bitcoin taxes was unclear and often caused financial planning mistakes for startups and made it difficult to write accurate business plans.

	Bitcoin Gaining Momentum

	Many believe that Spain&#39;s decision not to add VAT to bitcoin transactions will help foster the nation&#39;s bitcoin community and bring in new businesses that deal in digital currencies.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/15/04/5439737/bitcoin-robot-sheds-light-on-the-dark-web">Bitcoin Robot Sheds Light On The Dark Web</a></bzrelatedlink>

	Several major Spanish banks including Banco Bilbao Vizcaya Argentaria SA (NYSE: <a class="ticker" href="/stock/bbva#NYSE">BBVA</a>) and Bankinter (OTC: <a class="ticker" href="/stock/bkniy#OTC">BKNIY</a>) have begun to consider investments in bitcoin businesses, a sign that the digital currency is becoming more mainstream.

	A Step Toward Mainstream Adoption

	Spanish citizens are likely to take more of an interest in bitcoin now that the nation&#39;s tax policies are more clear, as it makes bitcoin transactions more attractive.

	The law also allows Spanish citizens to reclaim VAT taxes they&#39;ve paid on bitcoins they bought in other countries by requesting a refund at their local tax office.

Spain's Bankinter SA (OTC: <a class="ticker" href="/stock/bkniy#OTC">BKNIY</a>) reported a 31% drop in its 2012 net profit. 

Bankinter's net profit for the year declined to 124.7 million euros ($166.1 million), versus EUR181.2 million, in the year-ago period. 

Its net interest income climbed 22% to EUR660.3 million.

Bankinter SA (OTC: BKNIY) reported a 1.8% rise in its net profit in the first quarter.

Bankinter's quarterly net profit climbed to EUR49.4 million, from EUR48.6 million in the year-ago period. Its net interest income jumped 43% to EUR164.6 million.

Bankinter shares closed at $3.84 yesterday.

Last week, the Spanish tax office <a href="http://www.coindesk.com/spanish-bitcoin-community-celebrate-bitcoins-vat-exemption/">confirmed</a> that bitcoin transactions will not carry a Value Added Tax (VAT) much like other goods bought and sold in the country.

	The decision was cheered by enthusiasts who say the law makes it easier for bitcoin-based businesses to grow and is likely to further promote the currency&#39;s mainstream adoption.

	No VAT

	Under Spanish law, bitcoin has been recognized as a &quot;financial service.&quot; For that reason, the cryptocurrency won&#39;t be subject to the nation&#39;s 21 percent VAT.

	The decision was likely strategic for Spanish officials, who know that bitcoin still makes up only a fraction of the nation&#39;s financial transactions and trying to impose taxes would be very difficult.

	A Help To Startups

	Bitcoin companies based in Spain say the clarity will be a major help to their businesses.

	Previously, the law surrounding bitcoin taxes was unclear and often caused financial planning mistakes for startups and made it difficult to write accurate business plans.

	Bitcoin Gaining Momentum

	Many believe that Spain&#39;s decision not to add VAT to bitcoin transactions will help foster the nation&#39;s bitcoin community and bring in new businesses that deal in digital currencies.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/15/04/5439737/bitcoin-robot-sheds-light-on-the-dark-web">Bitcoin Robot Sheds Light On The Dark Web</a></bzrelatedlink>

	Several major Spanish banks including Banco Bilbao Vizcaya Argentaria SA (NYSE: <a class="ticker" href="/stock/bbva#NYSE">BBVA</a>) and Bankinter (OTC: <a class="ticker" href="/stock/bkniy#OTC">BKNIY</a>) have begun to consider investments in bitcoin businesses, a sign that the digital currency is becoming more mainstream.

	A Step Toward Mainstream Adoption

	Spanish citizens are likely to take more of an interest in bitcoin now that the nation&#39;s tax policies are more clear, as it makes bitcoin transactions more attractive.

	The law also allows Spanish citizens to reclaim VAT taxes they&#39;ve paid on bitcoins they bought in other countries by requesting a refund at their local tax office.

Spain's Bankinter SA (OTC: <a class="ticker" href="/stock/bkniy#OTC">BKNIY</a>) reported a 31% drop in its 2012 net profit. 

Bankinter's net profit for the year declined to 124.7 million euros ($166.1 million), versus EUR181.2 million, in the year-ago period. 

Its net interest income climbed 22% to EUR660.3 million.

Bankinter SA (OTC: BKNIY) reported a 1.8% rise in its net profit in the first quarter.

Bankinter's quarterly net profit climbed to EUR49.4 million, from EUR48.6 million in the year-ago period. Its net interest income jumped 43% to EUR164.6 million.

Bankinter shares closed at $3.84 yesterday.


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