The procedure in which the cornea is cut and peeled back in order to shape the tissue below is called:

Laser in situ keratomileusis (LASIK) involves creating and lifting a flap in the cornea so the tissue underneath can be reshaped with a laser. This matches the description of cutting and peeling back the cornea. Photorefractive keratotomy reshapes the corneal surface without creating a flap.

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