From Longman Business Dictionary
abolisha·bol·ish /əˈbɒlɪʃəˈbɑː-/ verb [transitiveT]LAW to officially end a law, a system for doing something, an organization etc, especially one that has existed for a long timeInheritance tax in Bulgaria was abolished in 2005.
—abolition noun [uncountableU]Many experts are now calling for the abolition of farm subsidies.