Translation:I am eating a pizza and then I am reading a book.
Literally, the Hebrew text says, “I eating pizza and then I reading book”. That’s the way Hebrew works. But the presence of “then” tells us that we are dealing with a description of a succession of habitual actions, so the sentence should be translated as “I eat pizza and then read a book”. The given translation is not grammatically correct.
I think this sentence is discussing the future, because if it were discussing the present it wouldn’t make sense. The addition of the word “then” means that the two actions cannot be happening now in the present. Also, the –ing form means that a habitual action is not in view.