"As of today things are blocked, in particular by the United States, Saudi Arabia and India" and "chances of success are slim," Bruno Le Maire told a press conference.
He said France had always argued that if G20 countries were unable to get agreement on the issue, a "European solution" should be sought instead.
"I think we're at that point now," he said.
The talks covered taxing multinationals where they make their profits in a bid to reduce tax avoidance, and come ahead of a meeting of the G20 group of large economies in India this week.
The Organisation for Economic Cooperation and Development, a club of mostly rich countries based in Paris, has spearheaded talks on the tax which primarily targets digital giants.
A separate agreement calling for a global minimum 15 percent tax rate on multinational businesses, also coordinated by the OECD, has had more success, and is to be implemented in the "coming months", Le Maire said.