Custom Taxonomy for The Event Calendar Events

/* create a custom taxonomy 'Custom Tags' for events in The Event Calendar Pro - I created a custom plugin for this code, but can be in functions.php */

function create_custom_tags_taxonomy() {

    // Add new taxonomy, make it hierarchical like categories
    //first do the translations part for GUI

    $labels = array(
        'name' => _x( 'Custom Tags', 'taxonomy general name' ),
        'singular_name' => _x( 'Custom Tag', 'taxonomy singular name' ),
        'search_items' =>  __( 'Search Custom Tags' ),
        'all_items' => __( 'All Custom Tags' ),
        'parent_item' => __( 'Parent Custom Tag' ),
        'parent_item_colon' => __( 'Parent Custom Tag:' ),
        'edit_item' => __( 'Edit Custom Tag' ),
        'update_item' => __( 'Update Custom Tag' ),
        'add_new_item' => __( 'Add New Custom Tag' ),
        'new_item_name' => __( 'New Custom Tag Name' ),
        'menu_name' => __( 'Custom Tags' ),
    );

    // Register the taxonomy and associate it with 'tribe_events' post type
    register_taxonomy('custom_tags',array('tribe_events'), array(
        'hierarchical' => true,
        'labels' => $labels,
        'show_ui' => true,
        'show_admin_column' => true,
        'query_var' => true,
        'rewrite' => array( 'slug' => 'custom-tags' ),
        'sort' => true,
    ));

}