Umm... I think that depends on how you want to approach bringing the items back in. Check with customs and if there's any allowance. Otherwise, you'll be paying VAT for sure. If it's an item packed in with other things as an everyday travel item, then maybe not such a big deal, especially for what you want. I'm pretty sure they look at wine/spirits/tobacco/jewelry and other commonly undeclared items. I'm not sure they'll care about a flashlight and a folding knife, but if they look brand new.... if they are still in packing, then for SURE they want to know about it.
Anyway, I would check your local laws as they pertain to customs and figure out your strategy. In no way am I recommending you break the law. I had a friend get off a cruise ship last fall with a Brietling watch and new digital camera from the Carribean and he planned on declaring them, the taxes were fairly minimal considering the purchase. The guy in line next to him was asked several times by a suspicious customs agent if he had anything to declare. After refusing about 6 times, they asked him to come with them, opened his bags right there and pulled out a case of illegal cigars (cuba embargo). So, not only did he lose a several thousand dollar box of cigars, but he also had to pay a MASSIVE fine. Can't remember exactly, but it made the loss of the cigars pale in comparison. Oh, and it's possible to do time for it too. Definitely not something I'd recommend you ask a friend to do. <img src="/images/graemlins/smile.gif" alt="" />
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Experience is a hard teacher because she gives the test first, the lesson afterwards.