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yes, but here in Czech Republic (Europe) not all custom officers are brainless idiots and once you told them, if is a gift, then they will ask to for statement of bank account. if you will not show them this statement, they should contact bank directly and get the statement due to clearance process.
gift from hong kong? cmoon, maybe before 10 years.)))
there are just 2 ways:
*they will accept the description and value declaration and you will pay nothing
*they will catch it for ANY reason - you will definitely pay
wait there is a value declaration of 275-350$ ? and if they accept that price you dont need to pay VAT ? In my country you have to pay all VAT and taxes if you declarate as a XX price.