The story
The two Irish holding companies can be imagined as "bread", with the Netherlands company as a filling between them.
Etymology from Wiktionary, CC BY-SA 4.0.
Dutch sandwich
Today it means: A form of tax avoidance, based on the Double Irish arrangement, in which revenues from income of sales of the products shipped by the second Irish company are first booked by a shell company in the Netherlands, taking advantage of generous tax laws there. Full definition →