Sri Lanka Politics, Culture, and Economy

Located near the southernmost tip of the Indian subcontinent, Sri Lanka is an island nation, formerly known as Ceylon during British colonial rule. After gaining independence in 1948, Sri Lanka became a republic but underwent a traumatic civil war for 26 years, ending in 2009.

The island is home to several cultures, with the majority of the population identifying as Sinhalese, followed by a large Tamil minority. The climate is tropical and warm and has one of the highest biodiversity densities in the world. With numerous native species of flora and wildlife, Sri Lanka is home to several national parks, attracting many tourists.

Its economy has historically been plantation-based with the production of items such as tea, rubber, coffee, and sugar dominating, but has also seen rapid industrialization with forays into food processing, textiles, telecom, and finance.

2021
March 28Madin Full Moon Poya Day
April 2Good Friday
April 13Sinhala and Tamil New Year’s Eve
April 14Sinhala and Tamil New Year’s Day
April 26Bak Full Moon Poya Day
May 1May Day
May 13Eid al-Fitr
May 26Vesak Full Moon Poya Day
May 27Day after Vesak Full Moon Poya Day
June 24Poson Full Moon Poya Day
July 20Eid al-Adha
July 23Esala Full Moon Poya Day
August 22Nikini Full Moon Poya Day
September 20Binara Full Moon Poya Day
October 19Milad-Un-Nabi (Holy Prophet’s Birthday)
October 20Vap Full Moon Poya Day
November 4Deepavali
November 18Il Full Moon Poya Day
December 18Unduvap Full Moon Poya Day
December 25Christmas Day
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 15% (lowest rate), 30% (highest rate)
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 15% (if annual income is more than LKR 2.5 million)
  • VAT/GST/Sales Tax: 12% (standard rate), 8% or 0% (reduced rates)
  • Amana Bank (Commercial Bank)
  • Axis Bank Ltd (Commercial Bank)
  • Bank of Ceylon (Commercial Bank)
  • Cargills Bank Ltd (Commercial Bank)
  • Citibank N.A. (Commercial Bank)
  • Commercial Bank of Ceylon PLC (Commercial Bank)
  • Deutsche Bank AG (Commercial Bank)
  • DFCC Bank PLC (Commercial Bank)
  • Habib Bank Ltd (Commercial Bank)
  • Hatton National Bank PLC (Commercial Bank)
  • ICICI Bank Ltd (Commercial Bank)
  • Indian Bank (Commercial Bank)
  • Indian Overseas Bank (Commercial Bank)
  • MCB Bank Ltd (Commercial Bank)
  • National Development Bank PLC (Commercial Bank)
  • Nations Trust Bank PLC (Commercial Bank)
  • Pan Asia Banking Corporation PLC (Commercial Bank)
  • People’s Bank (Commercial Bank)
  • Public Bank Berhad (Commercial Bank)
  • Sampath Bank PLC (Commercial Bank)
  • Seylan Bank PLC (Commercial Bank)
  • Standard Chartered Bank (Commercial Bank)
  • State Bank of India (Commercial Bank)
  • The Hong Kong and Shanghai Banking Corporation Ltd (HSBC) (Commercial Bank)
  • Union Bank of Colombo PLC (Commercial Bank)

Aadmi can support you with your expansion to Sri Lanka. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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