* Gov't to exclude up to $19 bln to meet 2012 primary target
* Could exclude investments again to reach goal this year
* Alternative accounting deteriorates credibility-analysts
BRASILIA, Jan 8 (Reuters) - Brazil will exclude more investments than it anticipated to meet a key fiscal target in 2012 and could do the same to reach its goal this year, Finance Minister Guido Mantega was quoted as saying in a Valor Economico interview published on Tuesday.
Mantega said the government will likely exclude up to 39 billion reais ($19.27 billion) from its primary surplus target of 139.8 billion reais in 2012 to meet the 2012 goal. The government had originally said it was going to reduce about 25 billion reais from the target.
The government also plans to tap its sovereign wealth fund and bring forward dividend payments from state-run enterprises to meet the target after tax revenue fell well bellow expectations in 2012.
This year the government could again exclude investments from its flagship investment program, known as PAC, or from tax deductions to meet the primary target of 155.9 billion reais, Mantega said.
"There is in the budget of 2013 an exhaust valve of 25 billion reais that could be used," Mantega was quoted as saying in Valor.
Analysts say the use of alternative accounting methods to meet the fiscal goal deteriorates the fiscal discipline credited with bringing about economic stability in a country plagued by recurrent crises.