Iceland's prime minister is defying calls for his resignation as opponents plan a second day of mass protests outside the island nation's parliament.

Prime Minister Sigmundur David Gunnlaugsson and his wife have been linked to an offshore company that may represent a severe conflict of interest with his official role.

A wide array of opposition groups are planning protests Tuesday evening, seeking a new election. Parliament was not in session but deliberations on the crisis are expected to resume later this week.

News reports have alleged that Gunnlaugsson and his wife set up a company in the British Virgin Islands with the help of a Panamanian law firm at the center of a massive tax evasion leak.

He denies doing anything illegal and says all taxes were paid.