Germany is ready to introduce a minimum corporate tax under national law if the European Union fails to reach an agreement, Reuters reports.

Hungary has raised objections that have delayed the EU's adoption of a minimum corporate tax of 15 percent, preventing a deal that would turn a global plan into law for the entire European Union.

Germany and France have taken the lead in the EU to introduce a minimum tax as early as 2023.

"We strongly support a European approach. We try to convince all member states, especially one," German Finance Minister Christian Lindner said ahead of a meeting of EU finance ministers in Prague, speaking alongside his French counterpart Bruno Le Maire.

"We made the decision to implement the minimum corporation taxation in Germany if there is not European understanding on this, and I think others will be open to a similar approach."

France said EU countries will find a way to adopt plans for a minimum corporate tax rate regardless of whether Hungary supports the reform.

Hungary argues that approving the plan could hurt the European economy, which is suffering from rising inflation and a growing energy crisis as Russia cuts gas flows and electricity prices soar as a result.

Le Maire said that fairness is needed in tough economic times, which means implementing quickly a plan that has been years in the making. He said options at the national level would be open if cooperation was not possible.