A Canadian official will visit Hong Kong this week to explain new off-shore tax legislation. National Revenue Minister Herb Dhaliwal will inform entrepreneurs and potential investors about the simplified procedures in reporting overseas investments. The legislation will become effective next year after authorities apparently bowed to protests from Hong Kong migrants about foreign income reporting rules. Hong Kong migrants will only need to indicate the price range and broad location of different categories of assets by checking the appropriate box on a reporting form. The rules apply to foreign assets valued at more than $100,000 outside Canada and take effect on April 30. Taxpayers will not have to file reports on the 1996 and 1997 tax years. Until this comes into effect, taxpayers are required to provide detailed descriptions for each individual investment, including specific addresses, cities and countries where the assets are held. Critics said the original requirements would discourage wealthy immigrants from coming to Canada. Mr Dhaliwal said he hoped his visit could change some wrong impressions about the new legislation held by Hong Kong businessmen. He said the new streamlined method was a fair way to obtain the necessary information about foreign income while respecting privacy. 'It is a balanced approach that addresses concerns raised about the proposed requirements while enhancing Revenue Canada's abilities to address concerns with tax havens,' he said.