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English definition of “remission”

remission

noun [C or U]
 
 
/rɪˈmɪʃən/
FINANCE the process of reducing the amount of money that is owed for something or stating that it no longer needs to be paid: Campaigners claim that people receiving benefits should be entitled to automatic remission of fees. debt/duty/tax remission(s)
(Definition of remission from the Cambridge Business English Dictionary © Cambridge University Press)
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