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Currently all countries including developing countries are expected toutilize their own tax revenues and carry out their own development for solvingpoverty in their countries. However, developing countries cannot earn taxrevenues like developed countries partly because they do not have effectivecountermeasures against international tax avoidance. Our analysis focuses ontreaty shopping among various ways to conduct international tax avoidancebecause tax revenues of developing countries have been heavily damaged throughtreaty shopping. To analyze the location and sector of conduit firms likely tobe used for treaty shopping, we constructed a multilayer ownership-tax networkand proposed multilayer centrality. Because multilayer centrality can considernot only the value owing in the ownership network but also the withholding taxrate, it is expected to grasp precisely the locations and sectors of conduitfirms established for the purpose of treaty shopping. Our analysis shows thatfirms in the sectors of Finance & Insurance and Wholesale & Retail trade etc.are involved with treaty shopping. We suggest that developing countries make aclause focusing on these sectors in the tax treaties they conclude.

Location-Sector Analysis of International Profit Shifting on a Multilayer Ownership-Tax Network