remissionre·mis·sion /rɪˈmɪʃən/ noun [countableC, uncountableU]1ECONOMICSa period of time when the economy, interest rates, or share prices improve, although they are expected to get worse again in the futureInterest rate futures gave little sign of a remission.
2LAW the right not to have to pay money that is owedremission of all taxation on export sales for ten years