D O Guerrero,
At the risk of sounding repetitive my perspective is not whether you pay zero or 40% tax, (that's between you and the taxman), its about the repercussions of a profitable airline using this sort of scheme to compensate for pretty poor terms and conditions. It will only force down the remuneration package further.
Unfortunately this will affect all of us in the industry as the dive to the bottom is led by O'Leary and his cohorts.