David Cameron has "misled the public" and "lost the trust of the British people" after admitting he had benefited from an offshore fund set up by his late father, Jeremy Corbyn said.
The Labour leader said the Prime Minister should make a statement to Parliament and give a "full account of all his private financial dealings" as he claimed the revelations raised issues about his "personal integrity".
The Prime Minister sold his and wife Samantha's shares in Blairmore Holdings - one of the tax haven schemes exposed in the Panama Papers leaks - in 2010 and insisted it was not set up as a tax dodge.
He paid income tax on dividends but the £19,000 profit on the sale was insufficient to attract capital gains tax.
In a strongly-worded statement, Mr Corbyn demanded "decisive action" against tax dodging which the Panama Papers leak revealed was taking place on an "industrial scale".
Mr Cameron has insisted it was a "fundamental misconception" that Bahamas-based Blairmore was set up by his father Ian to avoid paying UK tax and stressed that his interest in it had been "subject to all the UK taxes in the normal ways".
Pressure has been mounting on the Prime Minister for days after Downing Street initially claimed his financial affairs were a "private matter".
Mr Corbyn said: "It is now clear that the Prime Minister has misled the public about his personal involvement in offshore tax avoidance schemes. It took five weasel-worded statements in five days for the Prime Minister to admit that he has personally profited from an undeclared Caribbean tax haven investment deal. After years of calling for tax transparency and attacking complex offshore tax arrangements as 'morally wrong', the Prime Minister has been shown to have personally benefited from exactly such a secretive offshore investment.
Mr Corbyn said: "The Prime Minister has lost the trust of the British people. He must now give a full account of all his private financial dealings and make a statement to Parliament next week.
"Only complete openness from the Prime Minister, and decisive action against tax avoidance and evasion, can now deal with the issues at the heart of this scandal."
Labour MP John Mann intends to report Mr Cameron to the parliamentary standards commissioner after repeatedly calling for his resignation. Singer Lily Allen is to join protesters calling for Mr Cameron to resign as Prime Minister amid public scepticism over his ability to tackle tax avoidance in a demonstration outside Downing Street today.
Comedians Mark Thomas and Josie Long are also scheduled to join the protest. Allen posted on her Twitter page: "I will be protesting at no10 tomorrow, unless of course he resigns before then. You should too, #ResignCameron."