Portuguese Tax Man Falls Short

Weak tax collections mean that Portugal will have to rework its budget to meet deficit-reduction goals

LISBON, July 31 (Reuters)—Portugal's weak first-half tax collection means this year's revenue target is all but unreachable, posing further risks to a 2012 deficit goal agreed under an EU/IMF bailout, a parliament body that monitors budget execution warned.

It had already said earlier this month that Portugal, hit by a steep recession and unemployment, is likely to miss the 2012 budget deficit target unless the nation sees a hefty improvement in indirect tax revenues soon.