There's no new tax bracket and no, we are not paying 35% tax.

Here's a brief explainer of what the "35% deferral on PAYE" means.

The President said: "To assist a greater number of businesses, the previous turnover threshold for tax deferrals is being increased to R100 million a year, and the proportion of PAYE payment that can be
deferred will be increased to 35%"

So every month, your employer is required to submit a return (EMP201) and to make payment of PAYE withheld from employees to SARS within seven days after the end of the month for which the PAYE was deducted.

Ramaphosas announcement means that businesses with a turnover of R100 million or less will be allowed to delay 35% of their employees’ tax liabilities over the next few months.

And that no administrative penalties will be imposed on them for being "late"

This has no direct impact on you as a tax payer. Your deduction will be the same, but it has more to do with your company and their submission of the tax to SARS.