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Portugal wraps up 2013 budget with sharp tax hikes to be detailed Mon.

LISBON, -- Portugal's government has wrapped up its 2013 budget with sharp tax hikes and will unveil the details on Monday, it said Thursday following a marathon session that ended overnight.

“The cabinet has finalized its draft 2013 budget, and will submit it to parliament by Oct. 15,” a short statement that released after an almost 20-hour meeting said.

The average tax rate is to climb to 13.2 percent next year from 9.8 percent at present, Finance Minister Vitor Gaspar said last week.

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