The momentum-dependent Rashba and Dresselhaus spin-splitting has gained much attention for its highly promising applications in spintronics. In the present work, ab initio density functional theory calculations are performed to study the spin-splitting effect in ferroelectric oxide perovskite KIO3. Our calculations are additionally supported by symmetry adapted two-band k.p Hamiltonian. Nonnegligible spin-splitting effect is observed at conduction band minimum (CBm) and valence band maximum (VBM) for rhombohedral R3m and R3c phases. Linear Rashba terms successfully explain the splitting at VBM. However, cubic terms become important in realizing spin-orientation near CBm. Our results show the enhancement in Rashba parameters on tuning the ferroelectric order parameter. Further, we have observed reversal of spin-orientation on switching the direction of polarization.