‘Fiscal’ requires either taxation or sub-taxation royalty measures that are deposited in a states treasury and expended for either governmental or public needs.

(c) The Tribunal's Conclusion That the Relevant Measures Fall Within Article 4 330. The positions of the Parties as presented by the Parties during the course of the arbitration indicate that the tax and royalty measures constitute a "fiscal regime". That understanding of the opening phrase in Article 4 is supported by the first meaning of "fiscal" in the Oxford English Dictionary:

"of or pertaining to the fisc or treasury of a State or Prince; pertaining to the public revenue".

To go to the noun, the applicable definition of "fisc" is the State treasury Royalties such as those in issue here are payable to the State. The royalties, along with the taxes, are part of the public revenue. 331. It may also be noted that in terms of standard legal definitions of tax, such as those in Black's Law Dictionary and Thomas M Cooley's writings on taxes and constitutional law, royalties such as those here may well qualify as taxes. Those definitions involve a charge levied by the State by virtue of its sovereignty to yield public revenue for the support of government and for all public needs. The Tribunal need not, however, decide that issue since royalties appear without any question to fall within the compendious phrase used at the beginning of Article 4 and in particular within "fiscal deductions".