portfolio custom type tags support

Just add this code under your category registration. Check the register_taxonomy() function for more details.

Usually when you set hierarchical => true taxonomy looks like category and hierarchical => false its looks like tag.

register_taxonomy('portfolio_tag','portfolio',array(
'hierarchical' => false,
'labels' => array(
    'name' => _x( 'Portfolio Tags', 'taxonomy general name', 'flowthemes' ),
    'singular_name' => _x( 'Portfolio Tag', 'taxonomy singular name', 'flowthemes' ),
    'search_items' =>  __( 'Search Tags', 'flowthemes' ),
    'popular_items' => __( 'Popular Tags', 'flowthemes' ),
    'all_items' => __( 'All Tags', 'flowthemes' ),
    'parent_item' => null,
    'parent_item_colon' => null,
    'edit_item' => __( 'Edit Portfolio Tag', 'flowthemes' ), 
    'update_item' => __( 'Update Portfolio Tag', 'flowthemes' ),
    'add_new_item' => __( 'Add New Portfolio Tag', 'flowthemes' ),
    'new_item_name' => __( 'New Portfolio Tag Name', 'flowthemes' ),
    'separate_items_with_commas' => __( 'Separate Portfolio Tag with commas', 'flowthemes' ),
    'add_or_remove_items' => __( 'Add or remove portfolio Tag', 'flowthemes' ),
    'choose_from_most_used' => __( 'Choose from the most used portfolio Tag', 'flowthemes' )
),
'show_ui' => true,
'query_var' => true,
'rewrite' => false,
));

Showing tags on front end:

Tags: <?php echo get_the_term_list( $post->ID, 'portfolio_tag', '', ', ', '' ); ?>

Reference: http://codex.wordpress.org/Function_Reference/get_the_term_list